European Parliament committee recommends approval of Bulgaria adopting the euro in January 2026
The European Parliament’s committee on economic and monetary affairs approved at a meeting on June 24 a draft report recommending approval of Bulgaria joining the euro zone as of January 1 2026.
In the committee, the vote was 36 in favour of adopting the report, with three against and five abstentions.
The report will be voted on by the European Parliament plenary on July 8, a few hours before a final decision by the EU’s Economic and Financial Affairs Council (Ecofin) approving Bulgaria adopting the euro as its official currency at the beginning of next year.
As The Sofia Globe reported at the time, the European Commission (EC) and European Central Bank (ECB) convergence reports published on June 4 concluded that Bulgaria meets the criteria and is ready to adopt the euro on January 1 2026.
The Eurogroup endorsed on June 19 a recommendation from euro area member states to the Council of the European Union, that Bulgaria becomes a member of the euro zone in January.
Ecofin – made up of finance and economy ministers of all EU member states – agreed on June 20 to the next step towards Bulgaria adopting the euro as of January 1 2026.
The matter is to be discussed at the European Council meeting of June 26 and 27.
In the draft report adopted by the economic and monetary affairs committee, rapporteur Eva Maydell – a Bulgaria MEP from the centre-right European People’s Party group – said: “Bulgaria joining the euro area sends a strong political and economic signal of confidence in the enduring viability and appeal of the European Union’s single currency”.
“More than two decades after the euro’s introduction, Bulgaria’s readiness to adopt the euro on 1 January 2026 reaffirms the Union’s cohesion and the euro’s role as a global symbol of stability and unity,” the report said.
Bulgaria has achieved substantial progress towards full economic convergence, making it well-positioned to become the twenty-first member of the euro area, it said.
The report said that Bulgaria’s national legislation, including the Law on the Bulgarian National Bank, is fully aligned with EU requirements.
Over the 12 months to April 2025, Bulgaria recorded an average inflation rate of 2.7 per cent, below the reference value of 2.8 per cent. This means that Bulgaria meets the inflation criteria to adopt the euro.
Bulgaria is currently not subject to a Council decision on the existence of an excessive deficit, the report said.
In the twelve months ending April 2025, Bulgaria’s average long-term interest rate was 3.9 per cent, well below the reference value of 5.1 per cent.
The report said that the Bulgarian lev participated in ERM II in the two-year reference period from May 20 2023 to May 19 2025. Over the reference period, the lev did not exhibit any deviation from the central rate.
Bulgaria has fulfilled nearly all of its post-entry commitments under ERM II. Further efforts are needed related to anti-money laundering and counter terrorist financing (AML/CFT) measures, the report said.
(Photo: Sar Maroof, via Wikimedia Commons)
