ISTANBUL
Euro area member states on Thursday recommended Bulgaria as the 21st eurozone member, targeting January 2026 for euro adoption.
The EU’s Ecofin Council will vote on legal acts for accession on June 20, requiring a qualified majority, the European Council stated.
“This is a crucial step for Bulgaria’s euro adoption in 2026,” said Eurogroup President Paschal Donohoe.
Bulgaria, a EU member since 2007, met convergence criteria, including low inflation and fiscal discipline, the Council noted.
The Bulgarian currency, the lev, has been pegged to the euro since 1999, and the Commission noted Bulgaria’s 2.7% inflation rate and 24.1% public debt are well below EU limits.
The European Central Bank previously confirmed Bulgaria’s stable exchange rate and 3.9% interest rates but urged reforms.