The finance ministers of the European Union have officially approved Bulgaria’s plan to adopt the euro on January 1, 2026.
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“This represents the culmination of a comprehensive journey towards Bulgaria’s accession, marked by meticulous analysis and dedicated preparation,” stated Stephanie Lose, Denmark’s economy minister, which currently holds the EU’s rotating presidency.
In a recent assessment, the European Commission confirmed that Bulgaria, the EU’s least affluent member, has met the stringent criteria required for euro adoption. Additionally, the European Central Bank (ECB) expressed a supportive opinion on the matter.
The transition from the Bulgarian lev to the euro will occur 19 years after the nation of 6.4 million joined the European Union. However, there is notable apprehension among many Bulgarians regarding this change, with fears that it might lead to an increase in living expenses.
Before and after the Commission’s announcement, there were protests, and surveys indicated that nearly half of the respondents oppose the euro adoption. Yet, proponents within Bulgaria argue that this transition could significantly enhance the country’s economic landscape and improve citizens’ quality of life.
This approval coincides with a period in which the euro has appreciated against the US dollar, a shift attributed to President Trump’s protectionist trade policies, which have raised concerns about the stability of the US currency.
In May, ECB Chief Christine Lagarde advocated for the euro to be recognized as a global reserve currency. She underscored that amplifying the currency’s international role could provide significant benefits to the EU, including reduced borrowing costs for its member states. “A stronger euro can elevate the EU’s economic resilience,” she noted.
Initially, when the euro was introduced with physical bills and coins on January 1, 2002, there were only 12 participant countries, including Ireland, France, Germany, Italy, Spain, and Greece. Gradually, this number has expanded, with Slovenia joining in 2007, followed by Cyprus and Malta in 2008, Slovakia in 2009, Estonia in 2011, Latvia in 2014, and Lithuania in 2015. Most recently, Croatia joined in 2023, bringing the total to 20 countries.
Bulgaria had hoped to adopt the euro earlier, but Brussels determined its inflation rates were too high to satisfy the necessary criteria. To join the single currency, EU states are required to demonstrate that their economies are aligned with those of other eurozone countries and that their fiscal policies are stable.
The criteria stipulate that inflation must remain no more than 1.5 percentage points above the rates of the three best-performing EU nations. When Brussels provided its support in June, it noted that Bulgaria’s average inflation rate for the 12 months leading up to April 2025 was 2.7%, landing just below the reference threshold.
As Bulgaria embarks on this new monetary journey, the public discourse surrounding the euro adoption underscores a mix of optimism and caution—a typical reflection of any significant change.
Edited By Ali Musa
Axadle Times International–Monitoring.
