The European Union Recommended Bulgaria For Admission To The Eurozone

• 20.06.2025, 12:50

Sofia may switch to this currency on January 1, 2026.

Eurozone member states have recommended Bulgaria to join the euro community. "I am very pleased to announce that the Eurogroup today agreed that Bulgaria meets all the necessary conditions for adopting the euro - a crucial step on Bulgaria's path to becoming the 21st member of the eurozone in 2026," the EU Council website quoted Eurogroup chief Pascal Donoghue as saying in a press release issued after a meeting of the group's members in Luxembourg on Thursday, June 19, according to Deutsche Welle.

The recommendation suggests that Bulgaria should introduce the euro from January 1, 2026. "This will be the first step in a process in which the EU Council will adopt the necessary legal acts that will allow Bulgaria to become a member of the eurozone and start using the euro as official currency from next year," the text of the press release reads.

The recommendation is to be adopted by the EU's Economic and Financial Council (ECOFIN) at a meeting on June 20, it is noted. After that, the EU Council will approve the letter of the ECOFIN chairman to the European Council, and the European Council, in turn, will put the issue for approval at its meeting on June 26-27.

Now the currency of Bulgaria is the Bulgarian lev. Bulgaria has been a full member of the Schengen area since the beginning of 2025, while remaining the poorest country in the EU.