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The European Commission and the European Central Bank have approved Bulgaria's transition to the euro from 2026, making it the 21st country to join the currency bloc, Bloomberg TV Bulgaria reports.

The European Commission and the ECB have confirmed that Bulgaria is ready to join the eurozone. Special reports state that the country meets all the necessary economic and legal conditions for the transition to the single currency.

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In particular, Bulgaria meets four key criteria (known as the "Maastricht"): on inflation, public finances, interest rates and the exchange rate.

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The positive assessment by the two EU institutions is the latest and most significant step towards the introduction of the euro since Bulgaria joined the European Exchange Rate Mechanism II (ERM II) in July 2020.

The convergence reports are expected to mark the beginning of a chain of legislative maneuvers that will lead to the introduction of the euro in Bulgaria from January 1, 2026.

  • On June 19, the reports will be considered at a Eurogroup meeting in Luxembourg;
  • On June 20, the draft recommendation will be approved at the level of the EU Council for Economic and Financial Affairs (ECOFIN);
  • The European Council will consider the documents on June 26–27;
  • On July 8, the European Parliament and the Council of the EU are to make the final decision – it will determine the official date of the transition to the euro.

After the decision is made, preparations for the currency change will begin in Bulgaria.

In particular, rounding rules will be established when converting leva into euros, the procedure for exchanging banknotes will be determined, and a transitional period of dual prices will be provided (it will last one year from the moment of the introduction of the euro).