European Union leaders endorse proposal that Bulgaria adopts the euro on January 1 2026
The European Council has endorsed the European Commission’s proposal that Bulgaria adopts the euro on January 1 2026, according to the official conclusions of the June 26 meeting of EU leaders.
The European Council welcomes the fulfilment by Bulgaria of all the convergence criteria as set out in the Treaty, the statement said.
EU leaders invited the Council of the EU to swiftly adopt the relevant Commission proposals.
As The Sofia Globe reported, European Commission and European Central Bank 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 – an informal body made up of the finance ministers from the euro area member states – 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 as of January 1 next year.
The European Union’s Economic and Financial Affairs Council, 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.
The European Parliament’s committee on economic and monetary affairs approved, by a large majority, on June 24 a draft report recommending approval of Bulgaria joining the euro zone.
Bulgarian Prime Minister Rossen Zhelyazkov, speaking on June 26 ahead of the European Council meeting, told reporters that Bulgaria has the unanimous support of European leaders for joining the euro zone.
The next steps come on July 8, when the European Parliament will vote on the proposal, which will be followed the same day by a final decision by Ecofin on admitting Bulgaria to the euro zone at the beginning of 2026.
(Photo, of the European Council meeting on June 26: European Union)
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