Key step forward as Eurogroup recommends that Bulgaria joins the euro zone in January 2026
The Eurogroup endorsed on June 19 a recommendation from euro area member states to the Council of the European Union, that Bulgaria become a member of the euro zone as of January 1 2026, a statement by the Eurogroup said.
The ministers of the Eurogroup – an informal body made up of the finance ministers from the euro area member states – agreed with the positive assessments provided by the European Commission and the European Central Bank regarding Bulgaria’s fulfilment of the convergence criteria in their respective convergence reports, released on June 4.
The recommendation marks the first step in a process through which the EU Council will adopt the necessary legal acts that will enable Bulgaria to become a member of the euro area and begin using the euro as its official currency as of next year.
This recommendation is set to be adopted by the Economic and Financial Affairs Council, Ecofin, (by a qualified majority vote of the euro area member states) at its meeting on June 20 2025, the statement said.
The Council is also expected to endorse a letter by the President of the Ecofin Council to the European Council.
The European Council will discuss the matter at its meeting on June 26-27.
The process will conclude with the adoption by the Council (after it has consulted the European Parliament and the European Central Bank) of three legal acts that are necessary to enable Bulgaria to introduce the euro on January 1 2026.
The adoption of these acts is expected to take place in July, the statement said.
Paschal Donohoe, President of the Eurogroup, said: “I am very pleased to announce that the Eurogroup agreed today that Bulgaria fulfils all the necessary conditions to adopt the euro – a crucial step on Bulgaria’s path to become the 21st member of the euro area in 2026.
“Today’s milestone is a testament to Bulgaria’s strong commitment to economic convergence, reform and European integration,” Donohoe said.
“The adoption of the euro is not simply a technical process – it is a powerful symbol of trust, stability and shared prosperity,” he said.
Donohoe, speaking before the Eurogroup meeting, was asked about concerns about inflation and price increases following the adoption of the euro.
“The euro is a currency that has been successful for many years in maintaining low inflation levels,” he said.
“We saw this after the shock increase in energy prices, when inflation jumped. Then we managed to bring it down. You have to conduct the right budget policy, which I believe you will do and in the coming years Bulgaria will cope with this challenge.”
(Photo: Frank Schwichtenberg)
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