European Parliament votes by massive majority in favour of Bulgaria adopting the euro
The European Parliament voted by a large majority on July 8 to adopt a report recommending that Bulgaria adopt the euro as its currency with effect from January 1 2026.
In the 702-seat European Parliament, the vote was 531 in favour, 69 against, with 79 abstentions.
MEPs overwhelmingly rejected a last-minute attempt tabled by Rada Laykova, of Bulgaria’s pro-Russian minority party Vuzrazhdane, a member of the EP’s Europe of Sovereign Nations group, to have the vote adjourned.
Addressing the European Parliament moments before the vote, rapporteur Eva Maydell of Bulgaria’s GERB-UDF, a member of the centre-right European People’s Party, said: “The report we are considering today is one of three on Bulgaria’s future in the euro zone.
“The previous convergence reports of the European Central Bank and the European Commission clearly show that Bulgaria is ready to join the eurozone from January 1 2026 and meets all the criteria,” Maydell said.
“Let us not forget that Bulgaria has been on this path for more than two decades. From the currency board in 1997 to full participation in ERM II,” she said.
The facts are clear, Maydell said.
She said that Bulgaria’s national legislation is fully consistent with the requirements of the European Union.
“Price stability has been achieved with inflation below the reference value. Public finances are stable, the deficit and debt requirements have been met.”
The currency has maintained a stable exchange rate within ERM II for more than the required two years, she said, referring to Bulgaria’s current currency the lev.
“And while this report may seem quite technical to every Bulgarian of the last three generations, it is something much more,” Maydell said.
“From those who were in the square in 1989 and peacefully overthrew the communist regime, through those who starved the currency crisis in 1997 to those young people who today call Europe their home.
“Adopting the euro is the achievement of the European dream for them in all its fullness. And we owe it to all of them to approve this report. Bulgaria is ready, Europe is ready, let’s take this step together,” Maydell said.
The next and final step comes later on July 8 when the EU’s Economic and Financial Affairs Council, Ecofin – made up of the finance ministers of all member states – is to approve three legal acts that will enable Bulgaria to adopt the euro as of the beginning of next year.
The three legal acts are to add Bulgaria to the list of euro zone countries, approving Bulgaria’s adoption of the euro, and setting the lev-euro exchange rate. That third decision is the only one of the three that requires unanimity. However, it is widely expected that the current rate will be left unchanged.
Bulgaria was accepted, along with Croatia, into the Exchange Rate Mechanism (ERM2), the euro zone’s “waiting room” on July 10 2020.
In February 2025, Bulgaria formally asked the European Commission (EC) and European Central Bank (ECB) to assess the country’s readiness to join the euro area.
On June 4, in the extraordinary convergence reports, the EC and ECB confirmed that Bulgaria meets all the criteria for joining the eurozone from January 1 next year.
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 as of January 1.
Ecofin agreed on June 20 to the next step towards Bulgaria adopting the euro as of the beginning of next year.
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.
On June 26, the European Council – the heads of governments of EU countries – endorsed the European Commission’s proposal that Bulgaria adopts the euro on January 1 2026.
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