Bulgaria to become 21st euro area member from January 2026

The Council of the European Union has formally approved Bulgaria’s accession to the euro area, with the transition set for January 1, 2026. The lev will be converted at a fixed exchange rate of 1.95583 per euro, aligning with its central rate under the Exchange Rate Mechanism II (ERM II), which Bulgaria joined on July 10, 2020, ECB said in a release.

The decision follows a strong endorsement from the European Parliament, where Members of the European Parliament (MEPs) voted in favour of Bulgaria’s adoption of the euro, with 531 votes in support, 69 against, and 79 abstentions. The vote confirms that Bulgaria meets all required convergence criteria, the European Parliament said.

“Today’s vote sends a clear signal: Bulgaria is ready to join the Euro area. All criteria have been met, and this step marks a key milestone towards Bulgaria’s full European integration - for the country and its citizens,” Rapporteur Eva Maydell (EPP, BG) said after the vote.

The European Commission had already confirmed Bulgaria's readiness in its 2025 Convergence Report, published in June following a formal request from Sofia in February.

Bulgaria’s euro adoption follows years of preparation, including the start of close cooperation between the European Central Bank (ECB) and Bulgarian National Bank in October 2020. Since then, the ECB has been supervising Bulgaria’s banking system, directly overseeing four significant institutions and monitoring 13 others.

With this transition, Bulgaria will become the 21st member of the euro area. Croatia was the most recent country to adopt the euro, joining in 2023.

ALCHEMPro News Desk (HU)