The European Commission announced Wednesday that it has concluded that Bulgaria is ready to adopt the euro as of January 1, 2026. This assessment is set out in the 2025 Convergence Report, prepared at the request of the Bulgarian authorities and "marks a critical and historic step on Bulgaria's journey towards euro adoption", to use the Commission's words.
The positive assessment of the country's readiness for the eurozone is complemented by the ECB's own Convergence Report, also published Wednesday, the Commission says.
The Report finds that Bulgaria fulfils the four nominal convergence criteria, which are intended to ensure that a country is ready to adopt the euro and that its economy is sufficiently prepared to do so. The Member State's legislation is also found to be compatible with the requirements of the Treaty and the Statute of the European System of Central Banks and of the European Central Bank (ECB).
The Commission's assessment also considers additional factors relevant to economic integration and convergence, including balance of payments developments and the integration of product, labour and financial markets.
Ursula von der Leyen, President of the European Commission is quoted as saying in the EC press release: “The euro is a tangible symbol of European strength and unity. Today, Bulgaria is one step closer to its adoption as currency. Thanks to the euro, Bulgaria's economy will become stronger, with more trade with euro area partners, foreign direct investment, access to finance, quality jobs and real incomes. And Bulgaria will take its rightful place in shaping the decisions at the heart of the euro area. Congratulations, Bulgaria!”
What the report says
- Legislation in Bulgaria is compatible with the requirements of the Treaty and the Statute of the European System of Central Banks and of the ECB.
- Bulgaria fulfils the criterion on price stability. The average inflation rate in Bulgaria during the 12 months to April 2025 was 2.7%, below the reference value of 2.8%. A review of a broad range of indicators does not identify causes for concern regarding the sustainability of price stability.
- Bulgaria fulfils the criterion on public finances, as it is not subject to a Council Decision on the existence of an excessive deficit.
- Bulgaria fulfils the exchange rate criterion. It joined the Exchange Rate Mechanism II (ERM II) in July 2020 and had been participating in the mechanism for almost five years at the time of the adoption of this report.
- Bulgaria fulfils the criterion on the convergence of long-term interest rates. The average longterm interest rate in the 12-months to April 2025 was 3.9%, below the reference value of 5.1%.
- The Commission has also examined additional factors, including balance of payments developments, the integration of markets and the institutional environment.
In light of this assessment, the Commission considers that Bulgaria is ready to adopt the euro on January 1, 2026.
What comes next
As a result of this assessment, the EC will propose a Council Decision and a Council Regulation on euro introduction in Bulgaria on January 1, 2026. The Council of the EU will take the final decisions on Bulgaria's euro adoption, following discussions in the Eurogroup and the European Council, and after the European Parliament and the ECB have delivered their opinions, the Commission says.
All Member States, except Denmark which negotiated an opt-out arrangement in the Maastricht Treaty, are legally committed to join the euro area. However, it is up to individual countries to calibrate their path towards the euro and no timetable is prescribed. The Member States that joined the EU in 2004, 2007 and 2013, after the euro was launched, did not meet the conditions for entry to the euro area at the time of their accession. Therefore, their Treaties of Accession gives them time to make the necessary adjustments.
