Finance
EU ministers back Bulgaria's euro adoption from 2026
Published by Global Banking & Finance Review®
Posted on June 20, 2025
2 min readLast updated: January 23, 2026
Global Banking & Finance Review®
Company
Published by Global Banking & Finance Review®
Posted on June 20, 2025
2 min readLast updated: January 23, 2026
EU finance ministers approve Bulgaria's euro adoption by 2026, making it the 21st euro zone member. Exchange rate to be set in July.
BRUSSELS (Reuters) - European Union finance ministers gave formal support on Friday for Bulgaria to adopt the euro currency, paving the way for the country to become the 21st member of the euro zone from January 1, 2026.
The backing of the ministers follows positive assessments of the country's readiness from the European Commission and the European Central Bank. It will be endorsed also by EU leaders at a summit in Brussels on June 26.
The exchange rate at which the Bulgarian lev will be converted into euro will be set by EU finance ministers at their meeting in early July, giving Bulgaria six months to prepare the technical transition for the start of the year.
Bulgaria has been striving to switch its lev to the euro since it joined the European Union in 2007.
But after such a long wait, many Bulgarians have lost their initial enthusiasm, with 50% now sceptical about the euro, according to a Eurobarometer poll in May. Some Bulgarians fear the currency switch will drive up prices.
Bulgaria's euro adoption will come three years after the last euro zone expansion, when Croatia joined the single currency grouping at the start of 2023.
The accession of Bulgaria into the euro zone will leave only six of the 27 EU countries outside the single currency area: Sweden, Poland, Czech Republic, Hungary, Romania and Denmark.
None of them have any immediate plans to adopt the euro either for political reasons or because they do not meet the required economic criteria.
(Reporting by Jan Strupczewski)
European Union finance ministers formally supported Bulgaria's adoption of the euro, following positive assessments from the European Commission and the European Central Bank.
Bulgaria is set to adopt the euro in 2026, as confirmed by EU finance ministers.
Many Bulgarians have become sceptical about the euro, with a Eurobarometer poll indicating that 50% are now doubtful about the currency switch.
After Bulgaria joins the euro zone, only six of the 27 EU countries will remain outside the single currency area.
Croatia was the last country to join the euro zone at the start of 2023, before Bulgaria's planned adoption in 2026.
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