On January 1, 2026, Bulgaria will become the 21st member of the eurozone after receiving final approval from the European Union finance ministers on July 8, 2025. The move involves Bulgaria transitioning from its national currency, the lev, to the euro.
From Lev to Euro
- Bulgaria will replace its national currency, the lev, with the euro.
- The fixed conversion rate is set at 1.95583 lev per euro.
- Prime Minister Rossen Jeliazkov termed the decision as a “landmark moment” for Bulgaria.
Reactions and Support
- European Commission President Ursula von der Leyen emphasized the benefits the euro will bring to Bulgarians.
- European Central Bank President Christine Lagarde welcomed Bulgaria into the single currency area.
- EU Economy Commissioner Valdis Dombrovskis highlighted a promising future for Bulgaria within Europe.
Economic and Political Context
- Delayed by high inflation, Bulgaria now meets the economic criteria for euro adoption.
- Despite political instability with multiple elections, the transition is moving forward.
Strategic Importance
- Joining the eurozone will boost economic stability and enhance ties with Western Europe.
- It will provide protection against external influences, including Russian interference.
Enlargement of the Eurozone
Since the introduction of the euro in 2002, several countries have joined, including:
- Slovenia (2007)
- Cyprus and Malta (2008)
- Slovakia (2009)
- Estonia (2011)
- Latvia (2014)
- Lithuania (2015)
- Croatia (2023)
Criteria for Euro Adoption
- EU countries must meet the Maastricht criteria, ensuring low inflation, sound public finances, stable exchange rates, and long-term interest rate control.
- Inflation must not exceed 1.5 percentage points above the three best-performing EU countries.
Key Takeaways for Competitive Exams
- Currency Transition: Bulgaria will shift from the lev to the euro on January 1, 2026.
- Membership: Bulgaria will become the 21st member of the eurozone.
- Benefits: Joining the eurozone will boost economic stability and strengthen ties with Western Europe.
- Criteria: To adopt the euro, countries must meet specific economic requirements outlined in the Maastricht criteria.
