Bulgaria was given the long-awaited green light to join the Eurozone on June 4 by the European Central Bank (ECB) and the European Commission (EC), which said in extraordinary convergence reports that the country has met all criteria and can switch to the euro as of January 1, 2026.

The decision came as no surprise as the country 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 ECB and EC. In February, the country asked for extraordinary convergence reports, which were released on June 4.

“This positive assessment of convergence paves the way for Bulgaria to introduce the euro as of 1 January 2026 and become the 21st EU Member State to join the euro area,” Philip R. Lane, member of the ECB executive board, said as quoted in a statement on the bank’s website.

“I wish to congratulate Bulgaria on its tremendous dedication to making the adjustments needed,” he added.

According to the ECB’s assessment, Bulgaria meets all convergence criteria and complies with the legal requirements.

In April 2025, the 12-month average rate of HICP inflation in Bulgaria stood at 2.7%, just below the reference value of 2.8%.

Bulgaria also meets the fiscal criterion as the country has not been subject to an excessive deficit procedure since 2012. The country’s general government budget deficit stood at 3.0% of GDP in 2024, in line with requirements. Its general government gross debt-to-GDP ratio stood at 24.1%, well below the 60% reference value.

Bulgaria also meets the exchange rate and national legislation compatibility criteria.

“Today, the European Commission concluded that Bulgaria is ready to adopt the euro as of 1 January 2026 – a key milestone that would make it the twenty-first Member State to join the euro area,” the EC said in a separate statement.

“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,” European Commission President Ursula von der Leyen said in the press release.

The final decision on Bulgaria’s entry to the Eurozone still has to be taken by the Council of the EU. 

Defending the Bulgarian lev with Russian flags

Supporters of Bulgaria’s far-right pro-Russian Vazrazhdane party gathered in front of the parliament building on June 4 to protest against euro adoption, claiming the country will lose its independence.

Many of those claiming they were defending the country’s independence and national interest were carrying Russian as well as Bulgarian flags.

Vazrazhdane and other pro-Russian formations have been increasingly active over the past few months, claiming in posters across the country that the battle for the Bulgarian lev is “the last battle for Bulgaria” and that the country is losing its sovereignty.

The party’s supporters have been blocking the entrances to the parliament and central bank since the morning. Vazrazhdane MPs attempted to block the plenary session on June 4. One of them physically attacked a colleague from pro-Western Change Continues-Democratic Bulgaria (CC-DB).

Vazrazhdane’s leader Kostadin Kostadinov, nicknamed ‘Kostya Kopeykin’ due to his strong pro-Kremlin positions, said the party will "blow up the eurozone from within" and it would turn into a "bleeding ulcer".

All other parliamentary political parties hailed the ECB’s and EC’s reports.

Meanwhile, Bulgarians remain deeply divided over the adoption of the euro. Many fear that the switch to the European currency will make them poorer and that prices of goods will jump.

“What’s so disturbing – I cannot understand. We shall start announcing prices in both currencies and people will get used to the euro very quickly,” Maria, owner of small grocery store, told bne IntelliNews. However, she added that many of her clients are worried.

Many online traders already started announcing prices in both currencies a month before the release of the convergence reports to help their clients switch more easily to the EU currency.

Bulgaria joined the EU in January 2007.