BRUSSELS/ISTANBUL

The European Council on Tuesday formally approved Bulgaria’s adoption of the euro as its currency beginning Jan. 1, 2026, making it the 21st member of the euro area.

The decision was adopted during a meeting of the EU's Economic and Financial Affairs Council, followed by a signing ceremony in Brussels attended by EU and Bulgarian officials.

Amid public concern about price hikes, European Commission Vice President Valdis Dombrovskis reassured: "We have strong historical data, including Croatia, recent experience in 2023 that confirms that upward impact on the changeover on the prices is minimal in a short run … and people have actually recognized the practical benefits which euro is bringing."

Vice-President of the European Central Bank Luis de Guindos said: "The euro will bring direct benefits to Bulgarian citizens … It also marks an important step forward in the economic and monetary integration of Europe."

Bulgarian Finance Minister Temenuzhka Petkova called the decision a milestone. "Today marks a historic date for Bulgaria … Our membership in the euro area is a prerequisite for the economic and financial stability of our country."

Following the Council's green light, Bulgaria enters a transition period to prepare the public and private sectors for the currency changeover. Preparations include dual price displays, adapting ATMs, supplying euro cash in advance, and monitoring pricing practices.

Earlier in the European Parliament, lawmakers endorsed Bulgaria's bid to adopt the euro, paving the way for the country to join the Eurozone on Jan. 1, 2026.

In a decisive vote, 531 Members of the European Parliament (MEPs) supported the move, with 69 voting against and 79 abstaining.

The adopted report confirmed that Bulgaria meets all the required criteria for euro adoption.

"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," said Eva Maydell, the Bulgarian MEP who served as rapporteur on the file, following the vote.

Bulgaria becomes the 21st country to adopt the euro, following Croatia, which joined the eurozone in January 2023.