Bulgaria given green light to adopt the euro, endorsed by European Parliament.
Bulgaria is set to become the 21st member of the Eurozone after the European Parliament confirmed its readiness for the euro, following a unanimous vote on July 8, 2025. The decision marks a significant milestone in Bulgaria's journey towards full European integration.
Rapporteur Eva Maydell, a Member of the European Parliament from Bulgaria, expressed her satisfaction with the outcome, stating that Bulgaria is ready to join the Eurozone. The European Parliament's confirmation reaffirms the timeline for Bulgaria's adoption of the euro, which is set for January 1, 2026, pending confirmation by EU member states.
The process for Bulgaria to officially join the Eurozone involves several key steps. First, Bulgaria had to meet the five convergence criteria set by the EU, which include inflation rates, interest rates, budget deficits, public debt, and exchange rate stability. The European Commission and European Central Bank confirmed that Bulgaria fulfilled these criteria.
Following the positive assessment, Bulgaria's bid was unanimously recommended by the Eurogroup and the Economic and Financial Affairs Council. A draft report recommending Bulgaria's accession to the Eurozone was then approved by the European Parliament's Committee on Economic and Monetary Affairs and Subcommittee on Tax Matters.
The final step was the European Parliament's approval, which was granted with 531 votes in favour, 69 against, and 79 abstentions. The Council granted final approval on the same day by unanimously adopting the necessary legal acts, including setting the fixed exchange rate of 1.95583 Bulgarian levs per euro.
The transition and implementation process for Bulgaria's entry into the Eurozone will involve a dual circulation of both the Bulgarian lev and the euro for one month after the euro adoption. Banks will exchange levs for euros free of charge for the first six months. After that, banks may apply a service fee for exchanges for another six months, and then only the Bulgarian National Bank will exchange cash.
Prices of goods and services will be displayed in both levs and euros for a period of 12 months after the euro's introduction. This comprehensive process ensures a seamless transition for Bulgaria into the Eurozone.
Bulgaria's entry into the Eurozone is the next step in its integration into the European Union. The European Parliament's decision to confirm Bulgaria's readiness for the euro is a testament to the country's economic progress and commitment to EU standards. Rapporteur Eva Maydell considers the entry of Bulgaria into the Eurozone a key milestone towards the country's full European integration.
[1] European Commission Press Release, "Bulgaria meets the convergence criteria for the euro", June 4, 2025,
The European Commission and European Central Bank confirmed that Bulgaria fulfilled the necessary convergence criteria, which include aspects of industry and finance, to join the Eurozone. The transition for Bulgaria to officially join the Eurozone will involve a period of dual circulation of both the Bulgarian lev and the euro, affecting the exchange rates and overall economic structure of the country.
