The Council of the European Union gave a final green light to Bulgaria to join the eurozone as of January next year, it said in a statement on July 8. A few hours earlier, the European Parliament voted with an overwhelming majority of 531 MEPs in favour of Bulgaria’s accession.

The two votes completed the procedure to make the country the 21^st member of the eurozone.

“From today, Bulgaria takes its place as the 21st member of the eurozone. This marks the culmination of a thorough process towards Bulgaria’s accession, comprising rigorous analysis and intensive preparation. I warmly congratulate Bulgaria and the Bulgarian people on this tremendous achievement,” Stephanie Lose, Danish minister for economic affairs, said as quoted in the statement.

One of the three legal acts sets the conversion rate between the euro and the Bulgarian lev at BGN1.95583 to the €1, which corresponds to the current central rate of the lev in the exchange rate mechanism (ERM II).

“Today’s vote sends a clear signal: Bulgaria is ready to join the Euro area. All criteria have been met, and this step marks a key milestone towards Bulgaria’s full European integration - for the country and its citizens,” EU rapporteur for Bulgaria Eva Maydell said as quoted in a European Parliament statement.

In the European Parliament, only 69 MEPs voted against the decision, while 79 abstained.

Bulgaria’s joining the eurozone puts an end to the currency board that was introduced 30 years ago, pegging the lev to the euro.

Bulgarians will be allowed to exchange their levs for euros free of charge until the end of June next year. After that period, commercial banks could introduce fees, but the central bank, the National Bank of Bulgaria (BNB), will continue exchanging levs for free.

As of August 8 this year, all prices in Bulgaria will be displayed in euro and levs. This will continue until the end of 2026. In January 2026, both the lev and the euro will be used.

“Congratulations to Bulgaria, the 21st member of the euro area! Both the euro area and Bulgaria are getting stronger,” Valdis Dombrovskis, EU Commissioner for Economy and Productivity, wrote on his X profile.

“Practical benefits of membership: lower interest rates, better access to finance, no foreign exchange fees, easier international payments, greater price transparency,” he added.

Bulgaria met all nominal criteria in January this year and also got a regular government at the end of last year, which was a prerequisite for the positive opinions from the European Central Bank (ECB) and European Commission. In February, the country asked for extraordinary convergence reports, which were released on June 4.

Bulgaria joined the EU in January 2007.