Euro adventure Bulgaria: Green light for 21st member state of the euro zone!

Euro adventure Bulgaria: Green light for 21st member state of the euro zone!

Sofia, Bulgarien - Bulgaria is about to join the euro currency area after the European Commission and the European Central Bank (ECB) have confirmed that the country has fulfilled the necessary criteria. The entry into the euro is scheduled for January 1, 2026, and Bulgaria thus becomes the 21st member of the country, which introduces the community currency. This would be particularly important for a country that has been considered one of the poorest in the Union since its EU membership in 2007. In 2024, Bulgaria's per capita service was 34 % below the EU average, which underlines the need for economic reforms to ensure sustainable development.

Originally, the euro introduction was planned for early 2024. However, this could not be realized due to a high inflation rate of 9.5 percent. Inflation in Bulgaria has currently dropped significantly, the rate of inflation was only 2.7 % in April 2025, which is below the reference value of 2.8 %. According to a report by the ECB, Bulgaria has made remarkable progress in economic convergence with the euro area since 2024.

protests and public opinions

The planned introduction of the euro encounters shared opinions in the Bulgarian population. Surveys show that 54.9 % of the citizens are against the introduction of the euro, while 34.4 % are in favor of them. In the economy, on the other hand, 66.3 % are in favor of joining the euro zone. Characteristic protests from nationalist and pro -Russian groups have shaped the debate about the currency change. In Sofia, violent protests took place in February 2023, and also in early 2025 there were demonstrations in which demands for a referendum were loud.

The protest actions are cited in particular by the Wasraschdane party (rebirth), which has collected 604,000 signatures for a referendum. However, the parliament already rejected two applications that proposed a referendum on the introduction of the euro. Protesting fears of negative effects on their economic situation and call for the maintenance of the Bulgarian Lew.

economic requirements and outlook

For the introduction of the euro, the Member States must still adopt the necessary legal files at the level of the finance ministers. The ECB points out that Bulgaria fulfills all the necessary convergence criteria, in particular with regard to price stability, stable public finance and stable exchange rates. For example, the budget deficit in 2024 was 3.0 % of GDP, which corresponds to the EU reference value. Likewise, the public debt rate was 24.1 % below the limit valid for the euro zone of 60 %.

A decisive factor is also the stable attitude of the Bulgarian LEW compared to the euro, which has been in no way since participating in the exchange rate mechanism (WKM II) in July 2020. Despite these positive developments, the Bulgarian authorities still face challenges: In particular, progress in combating money laundering and terrorist financing are required.

The decision of the EU finance minister on Bulgaria's accession to the euro zone is expected in July 2025; The conversations are already in full swing. The positive report of the ECB, as well as the commitment of the Bulgarian government, gives hope for a smooth transition to the shared currency. The EU contracts stipulate that all Member States, with the exception of Denmark, are obliged to join the euro zone if they meet the requirements.