Topical Information

oday, the European Parliament and the EU Economic and Financial Affairs Council (ECOFIN) finalized the institutional procedures required for Bulgaria’s accession to the euro area. With this, the country enters the final phase of transitioning from the Bulgarian lev to the euro, with fewer than 180 days remaining.

At today’s ECOFIN meeting, three legal acts were approved:

• A Council Decision on the adoption of the euro by Bulgaria,

• A Council Regulation amending Regulation (EC) No. 974/98 on the introduction of the euro in Bulgaria, and

• A Council Regulation amending Regulation (EC) No. 2866/98 on the conversion rate for the euro in Bulgaria.

This marks the completion of the formal process for Bulgaria’s entry into the eurozone, allowing the country to adopt the common EU currency as of January 1, 2026.

“As of today, Bulgaria takes its place as the 21st member of the eurozone. This milestone is the culmination of a rigorous accession process involving thorough analysis and intensive preparation. I extend my heartfelt congratulations to Bulgaria and its people on this major achievement,” said Danish Minister of Economic Affairs Stephanie Lose, who chaired today’s ECOFIN meeting.

One of the approved decisions sets the conversion rate at 1.95583 BGN per 1 EUR, reflecting the current central exchange rate under the Exchange Rate Mechanism II (ERM II).

Earlier in the day, the European Parliament voted in favor of Bulgaria’s accession with 531 votes in favor, 69 against, and 79 abstentions.

“Today’s vote sends a clear signal: Bulgaria is ready to join the eurozone. All criteria have been met, and this step marks a major milestone in Bulgaria’s full European integration—for the country and its citizens,” said Eva Maydell, Bulgarian MEP and rapporteur on the issue.

Later in Brussels, an official signing ceremony took place to confirm Bulgaria’s eurozone membership. The documents were signed by Danish Minister Stephanie Lose, representing the Council of the EU, in the presence of Bulgarian Finance Minister Temenuzhka Petkova, European Commissioner for Economy Valdis Dombrovskis, and Eurogroup President Paschal Donohoe.

“This is a historic day for Bulgaria. Today we achieved a strategic national goal—eurozone membership. This success is the result of years of hard work,” stated Finance Minister Petkova.

Members of ECOFIN also recorded video messages congratulating Bulgaria and its citizens, highlighting the country’s progress and expressing confidence in its successful integration within the euro area.

Minister Petkova reaffirmed Bulgaria’s commitment to fiscal discipline, stating:

“As always, we will serve as a pillar of fiscal responsibility. We will do everything necessary to justify the trust and support of our European partners.”

She also emphasized the benefits of euro adoption, noting that it will contribute to economic and financial stability, improve the business environment, and raise the standard of living for Bulgarian citizens.

What Happens After Bulgaria Adopts the Euro

• The official euro adoption date is set in the Council’s Decision approving Bulgaria’s entry into the eurozone—January 1, 2026.

• From that date, both the lev and the euro will be legal tender for one month (dual circulation period).

• The Bulgarian National Bank (BNB) will exchange lev banknotes and coins for euros free of charge, in unlimited quantities and without a time limit, at the official exchange rate.

• For the first 6 months, commercial banks and Bulgarian Posts (in areas without bank branches) will also provide free exchange services.

• A dual price display period (prices shown in both lev and euro) will begin one month after the euro decision enters into force and will last for 12 months after euro introduction.

• Currency conversion and rounding rules will follow the Law on the Introduction of the Euro in the Republic of Bulgaria.

• Price increases resulting solely from the currency change are not permitted, unless justified by objective economic factors, according to the BNB.

More information: https://evroto.bg/bg