By Zdravko Yazhikov
On Wednesday 4th June 2025, the European Central Bank (ECB) and the European Commission officially gave the green light for Bulgaria to adopt the block’s single currency in the beginning of 2026.
The EU’s poorest country will change its lev at a fixed exchange rate of 1.95583 BGN per euro due to the currency board system which has been operating in the Balkan nation since 1999 when the lev was pegged to the euro.
What did the EU institutions say?
“This positive assessment of convergence paves the way for Bulgaria to introduce the euro as of 1 January 2026 and become the 21st EU Member State to join the euro area,” said Philip R. Lane, Member of the ECB Executive Board.
“Today, Bulgaria is one step closer to adopting the euro,” Ursula von der Leyen, President of the European Commission, said.
“This will mean more investment and trade with euro area partners, and more stability and prosperity for the Bulgarian people. Bulgaria will also take its rightful place in shaping euro area decisions.”
Requirements to join
To join the Eurozone, countries must fulfil certain conditions as well as bring their national legislation in accordance with the relevant EU laws.
The four main criteria are price stability (i.e. low inflation), sound public finances (i.e. the deficit and the debt must be under control), exchange-rate stability and low long-term interest rates.
The hardest requirement for Bulgaria to satisfy was to bring the inflation down which the country had failed to do in the last couple of years due to the COVID-19 pandemic and the war in Ukraine.
The ECB noted that in the period between May 2024 and April 2025, the average inflation was 2.7 percent, a mere 0.1 percent below the maximum 2.8 percent allowed.
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Reactions from Bulgarian public
The news about the positive Convergence Report was met with mixed reactions. Recent surveys indicate that 49 percent of Bulgarians support the adoption of the euro, while the others fear higher inflation, soaring unemployment rates, instability and widespread poverty.
Tanya Ignatova, a 78-year-old retiree, said: “Adopting the euro will make us feel the threshold of poverty.”
“Bulgaria is not ready for the euro. Someday we may be ready, but not now,” said Mario Georgiev, another retiree.
The coalition government of PM Rosen Zhelyazkov, however, was pleased with the news.
“A remarkable day. Another step forward on Bulgaria’s path to the euro,” he wrote on X.
“The positive assessments from the European Commission and the ECB confirm our progress – but the work continues. This is the result of years of reforms, commitment, and alignment with our European partners,” he added.
Opposition reaction
The announcement came despite the anti-euro rallies that gathered a couple of thousand people in the capital, Sofia, and other major cities around the country.
“Bulgaria has risen and declared: Freedom, we choose the Bulgarian lev,” said the leader of the pro-Russian opposition party Vazrazhdane during the demonstrations in Sofia.
Part of the uncertainty and the division of the nation around the adoption of the euro comes from the President, Rumen Radev, who decided to initiate a referendum a couple of weeks ago.
“The basic principles of democracy must be respected, and institutions with critically low legitimacy should not make decisions about the country’s future without listening to citizens,” he said.
His actions resulted in weeks of intense Parliamentary sessions with accusations flying in both directions between the two opposing groups but eventually, the proposal was dismissed on the grounds of constitutional violation.
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