Bulgaria will be able to join the Eurozone and introduce the Euro on its territory from January 1, 2026. This conclusion was made by the European Commission following the consideration of the relevant Convergence Report and the country's progress in reforms. This is reported by UNN with reference to the press service of the European Commission.
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This conclusion of the European Commission is a key milestone for the European country, which will make it the twenty-first EU member state to join the Eurozone. The published assessment marks a critical and historic step on Bulgaria's path to Euro adoption.
The Report establishes that Bulgaria meets the four nominal convergence criteria, which are to ensure that the country is ready to adopt the Euro and that its economy is sufficiently prepared for it.
The legislation of the member state is also recognized as meeting the requirements of the Treaty and the Statute of the European System of Central Banks and the European Central Bank (ECB).
The Commission's assessment takes into account the development of the balance of payments and the integration of commodity, labor and financial markets. This assessment is complemented by the Convergence Report from the ECB.
The euro is a tangible symbol of European strength and unity. Today, Bulgaria is one step closer to adopting it as its currency. Thanks to the euro, Bulgaria's economy will become stronger, trade with Eurozone partners, foreign direct investment, access to finance, quality jobs and real incomes will increase. And Bulgaria will take its rightful place in shaping decisions at the heart of the Eurozone. Congratulations, Bulgaria!
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Next, the EU Council will make the final decision on the introduction of the Euro in Bulgaria after discussion, and after the European Parliament and the ECB provide their conclusions.
The Convergence Report, prepared by the European Commission, is the basis for the EU Council's decision on whether a member state meets the conditions necessary to join the Eurozone.
If the decision is favorable, the Economic and Financial Affairs Council (ECOFIN) will set the exchange rate of the national currency to the Euro.