Bulgaria, part of the eurozone from January 2026 - ECB decision, will be the 21st member of the bloc
The European Commission and the European Central Bank gave Bulgaria approval to adopt the euro currency from the beginning of 2026.
In a "convergence report" outlining how Bulgaria's economy aligns with the rest of the eurozone, the Commission said Bulgaria met the formal criteria needed to adopt the currency now used by 347 million Europeans in 20 countries.
Bulgaria, a Balkan country bordering the Black Sea, joined the bloc in 2007 and will become the 21st eurozone country from January next year. The move will ease trade flows and give it a seat on the European Central Bank's rate-setting Governing Council.
However, despite the expected benefits, many Bulgarian citizens are skeptical about the decision. Widespread corruption, high income inequality and a four-year political crisis, marked by a series of snap elections and weak coalitions, have eroded trust in the authorities. Many fear a price hike during the transition to the euro, as has happened in other countries that joined over the past decade.
A Eurobarometer survey published last month by the European Commission showed that 50% of Bulgarians did not support the single currency, up from 46% in November.
The government's message is optimistic. The Finance Minister said last week that the euro would bring more investment and stability to Bulgaria. She stressed that the government will launch a campaign this week to reassure citizens about the benefits of the decision.
Everyday goods in stores are now listed in euros as well as Bulgarian leva to familiarize people with the conversion. However, the political opposition has opposed the change.
With an average monthly salary of 2,443 leva or $1,420, Bulgaria is the poorest country in the European Union.
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