Reuters. The European Commission gave Bulgaria the go-ahead on Wednesday (June 4) to adopt the euro currency from the start of 2026, making Bulgaria the 21st country to join the single currency area.
In a "convergence report" describing how Bulgaria's economy dovetails with the rest of the euro zone, the Commission said Bulgaria met the formal criteria needed to adopt the currency now used by 347 million Europeans in 20 countries.
"Today's report is a historic moment for Bulgaria, the euro area, and the European Union as a whole as well," Economic Commissioner Valdis Dombrovskis said in a press conference.
The Commission also looked at whether Bulgaria's economy and markets are integrated with the rest of the EU, as well as the trends in the country's balance of payments.
Bulgaria has been striving to switch its lev currency to the euro ever since it joined the European Union in 2007.
Becoming a member of the euro zone, apart from using euro notes and coins, also means a seat at the European Central Bank's rate-setting Governing Council.
The positive recommendation from the EU executive arm means that EU leaders will have to endorse it later in June. EU finance ministers will then fix the conversion exchange rate for the Bulgarian lev into the euro in July, leaving the rest of the year for the country to technically prepare for the transition.
