No Obstacles to Bulgaria Joining the Eurozone in 2026

Sofia: Bulgaria could adopt the euro as its official currency from January 1, 2026, if it successfully meets the necessary criteria for joining the eurozone. Citing their sources, Bulgarian media “Club Z” reported that there are no obstacles preventing this transition, provided all conditions are fulfilled.

A decision on Bulgaria’s accession will be made by the EU member states in the summer. The European Commission and the European Central Bank (ECB) will prepare a special convergence report assessing Bulgaria’s readiness. Typically, these reports are issued every two years, with the next regular report scheduled for 2025. However, Bulgaria intends to request an extraordinary assessment, as confirmed by Prime Minister Rosen Zhelyazkov. He stated that this request will be submitted following the Eurogroup meeting on February 17.

The new Bulgarian government, along with newly appointed Finance Minister Temenuzhka Petkova, plans to use the upcoming meeting to brief eurozone counterparts on the country’s progress in fulfilling the necessary conditions. However, Brussels officials emphasized that no immediate decision will be made at this meeting, nor is there a fixed deadline for evaluating Bulgaria’s readiness. The Eurostat assessment, expected in the spring, will be a key factor in the process.

According to the latest convergence report from 2024, Bulgaria currently meets three out of the four criteria required for eurozone accession. The country has demonstrated stable and sustainable public finances, maintained exchange rate stability, and fulfilled requirements for long-term interest rates. However, it has yet to meet the conditions related to price stability.

If the Council approves Bulgaria’s accession in the summer, the country will have several months to complete final preparations before officially adopting the euro. Sources in Brussels remain optimistic, noting that Bulgaria’s request for an early convergence report suggests confidence that it is on track to fulfill the necessary criteria.