Brussels – The Eurogroup today (19 June) approved a recommendation in which it follows up on the positive assessments provided by the European Commission and the ECB and proposes that Bulgaria introduce the euro on 1 January 2026. The green light from the finance ministers of the 20 single-currency countries, which will formally reach the Ecofin Council tomorrow, is part of the legal acts required for Sofia to become a member of the eurozone.
The ministers agreed that Bulgaria, after years of postponements of the adoption of the single currency, meets the four necessary convergence criteria: price stability, the health of the public accounts (measured by the debt and deficit ratio in relation to GDP), the sustainability of convergence (measured by long-term interest rates) and exchange rate stability. “The achievement today testifies to Bulgaria’s strong commitment to economic convergence, reform and European integration. The adoption of the euro is not simply a technical process, but a powerful symbol of confidence, stability and shared prosperity,” commented Eurogroup President, Paschal Donohoe.
After the adoption of the recommendation scheduled for tomorrow by a qualified majority of euro area states, the issue will be discussed by leaders at the European Council on 26–27 June. The process will conclude with the Council’s adoption (following consultation with the European Parliament and the European Central Bank) of the three legal acts necessary to enable Bulgaria to become the 21st member of the euro area and introduce the single currency as early as 1 January 2026. The adoption of these acts is scheduled for July.
English version by the Translation Service of Withub
