BRUSSELS

Bulgaria is ready to adopt the euro on Jan. 1, 2026, after meeting all necessary criteria, the European Commission announced on Wednesday in its 2025 Convergence Report.

The report, prepared at the request of Bulgarian authorities, confirmed that the country fulfils the four nominal convergence criteria required for euro adoption and that its legislation aligns with EU rules.

"This marks a critical and historic step on Bulgaria's journey towards euro adoption," the commission said, adding that the country's economy is sufficiently prepared for integration into the euro area.

European Commission President Ursula von der Leyen welcomed the development, saying: "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," she said.

Bulgaria will become the 21st member of the euro area, pending a final decision by the EU Council. The commission's report was published alongside a parallel assessment by the European Central Bank.

Bulgaria submitted its official request for a special Convergence Report in February 2025.