The European Commission and the European Central Bank (ECB) have agreed to allow Bulgaria to join the Eurozone. This means Bulgaria is on track to replace its own currency, the lev. However, Bulgarians are not yet eager.
If it is up to the European institutions, Bulgaria is welcome in the Eurozone from January 1, 2026. Bulgaria could become the 21st EU country with the euro as currency.
Bulgaria already wanted to join the Eurozone last year, but then the inflation in the country was still too high. That is now under control.
In addition to inflation, things like government debt and long-term interest rates are also considered. Bulgaria also meets the requirements in that regard. The Commission and the ECB calculated that Bulgaria had an average long-term interest rate of 3.9 percent in a year up to and including April. This puts it below the requirement of 5.1 percent.
Last weekend, thousands of people protested against the introduction of the euro, including in the capital Sofia. They fear that the euro will plunge the country into a financial crisis and want a referendum on it. A majority of the Bulgarian parliament has already voted down a proposal for such a referendum twice.
Not yet official
Other EU member states and the European Parliament must also consider the matter before accession becomes official. Prices are expected to be displayed in both euros and Bulgarian lev from August, as an indication of a transition phase, an EU source said.
European Commission President Ursula von der Leyen congratulates Bulgaria. She expects that with the euro, Bulgaria will be able to trade more in the Eurozone, that more foreign investments and financing will flow into the country and that this will lead to more jobs.
The Eastern European country joined the European Union in 2007 together with Romania. Since the beginning of 2025, Bulgaria has been a full member of the Schengen area, allowing Bulgarians to travel freely through other affiliated countries.