Despite growing skepticism, Bulgarians are expected to adopt the euro on January 1, 2026. On Wednesday, June 4, the European Central Bank (ECB) gave its final approval for the country of 6.5 million people, located along the Black Sea and a member of the European Union (EU) since 2007, to join the eurozone. Presenting a positive Convergence Report, the Frankfurt-based institution found that all economic and legal criteria had been met, much to the satisfaction of the pro-European government in power in Sofia.
Barring any surprises, the move to the single currency should be formally approved on July 8 at an Economic and Financial Affairs Council (ECOFIN) meeting of the eurozone's economy ministers. "This positive assessment of convergence paves the way for Bulgaria to (...) become the 21st EU member state to join the euro area," said Philip Lane, a member of the ECB's Executive Board. The lev, the currency that has been in use since 1885 − currently worth 1.95 to the euro − is set to disappear.
Business circles and the government of Prime Minister Rosen Zhelyazkov, a conservative, have promised that adopting the euro will boost Bulgaria's economy, currently the weakest in the EU. However, the adoption has sparked growing concern among Bulgarians, who fear that companies will use the currency switch to raise prices, potentially reigniting the high inflation seen after the outbreak of war in Ukraine.
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