Bulgaria joins the euro zone in 2026

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The European Commission finally gave Bulgaria a green light and joined the euro zone in 2026, making it the 21st country to join the single currency group.

“Today, we have reached a crucial milestone on the road to joining the euro, marked by years of continuous efforts and strict fiscal discipline,” Bulgarian Prime Minister Rosen Zhelyazkov told the Financial Times.

He added: “The introduction of the euro will improve economic stability and create a stronger foundation for investment and economic growth.”

Brussels and the European Central Bank confirmed on Wednesday that Bulgaria has met all the conditions for passing the euro on January 1.

Bulgaria's path to joining a single currency group is full of delays as the country struggles with political turmoil and populist opposition to the common currency. It also failed to meet inflation targets before.

Over the past four years, the country has held seven elections, with a series of unstable governments leading to delays in adoption.

“Bulgaria is meeting all integration standards and becoming the 21st member of the euro zone, which is indeed a major milestone,” EU Economic Commissioner Valdis Dombrovskis said in an interview.

He added: “This is good news for Bulgaria, bringing tangible benefits to citizens and businesses…and (indicates) that the larger euro is strengthening itself and enhancing the international volume for the euro. This shows that it is a stable and attractive currency.”

Bulgarian Prime Minister Rosen Zhelyazkov said: “The introduction of the euro will improve economic stability and create stronger fundamentals for investment and economic growth' ©Mulla Mulla/Bloomberg

However, those who oppose joining the euro zone continue to come from the populist pro-Russian forces in Bulgaria.

At a rally in Sofia over the weekend, thousands of people protested against adoption in Europe, and Costadin Kostadinov, leader of the pro-Russian Ozraz party in Bulgaria said: “Bulgaria has risen and declared: Freedom: We have chosen Bulgarian Lev.”

The country's independent president, Rumen Radev, also proposed a referendum on the issue – a move that was criticized by government representatives as a destruction.

But Zhelyazkov, from the center-right party, said members of the eurozone “have a political aspect in the complex geopolitical constellation. We think it is a tangible signal of our European identity”.

All new EU members who have not yet adopted a single currency must indicate that they have converged with other European economies to join the euro zone.

They must show that inflation is under control and within 1.5 percentage points of the three euro zone states with the lowest inflation and meet other benchmarks, including the stability of their currency and economy.

Bulgaria failed to meet the inflation standard for 2024, extending its joining for a year, but in April the inflation rate fell to 3.5%, achieving the last condition adopted by the euro next year.