Brussels: The European Union (EU) approved on Wednesday Bulgaria's accession to the Eurozone, starting from 1 January 2026, making it the 21st country to adopt the single European currency.
According to Kuwait News Agency, the European Commission stated that the decision follows its 2025 Convergence Report, which concluded that Bulgaria meets all the required economic and legal criteria for joining the Eurozone. These criteria include price stability, sound public finances, stable exchange rates, convergence of long-term interest rates, and alignment of national legislation with EU laws.
The Commission clarified that this positive economic assessment strengthens Bulgaria's position at the European level. It noted that the European Central Bank also published a concurrent report supporting the Commission's findings. In light of this assessment, the European Commission has adopted proposals to submit a draft decision and a draft regulation to the EU Council regarding Bulgaria's introduction of the euro starting in early 2026.
The Council is expected to make its final decision after consultations with the Eurogroup and the European Council, and after receiving opinions from the European Parliament and the European Central Bank. Bulgaria submitted an official request in February to prepare a special report assessing its readiness to adopt the euro in preparation for its entry early next year.