ECOFIN unanimously supports Bulgaria's accession to the eurozone

The European Union's economic and finance ministers (ECOFIN) unanimously approved the introduction of the euro in Bulgaria on January 1, 2026. This was announced by European Commissioner for Economy Valdis Dombrovskis after the meeting of European ministers in Luxembourg, quoted by BTA.

I welcome today's decision by ECOFIN to support Bulgaria's accession to the eurozone on January 1, 2026. This is a decisive step in the procedure, which will now be discussed by the European Council, after which ECOFIN will take the final decisions in July,” he added.

Polish Finance Minister Andrzej Domaski, who chaired today's meeting on behalf of the Polish Presidency of the Council of the EU, specified that the decision of the finance ministers was unanimous.

This was expected after the Eurogroup, or the finance ministers of the eurozone, unanimously supported Bulgaria's entry into the eurozone a day earlier.

This week's votes mark the end of one of the main stages in our country's adoption of the single European currency.

As Economic.bg reported, the next step is for a political decision to be taken at European Council level (by the EU heads of state). On June 30, the European Commission will make a proposal for fixing the euro/lev exchange rate, which is expected to remain at 1.95583, in line with the current currency board arrangements.

After consultations with the European Parliament, on July 8, ECOFIN will have to finally adopt three decisions on the entry of the euro in Bulgaria. Two of these require a qualified majority (Bulgaria will also take part in the vote), while the decision on fixing the exchange rate must be adopted unanimously by all eurozone countries plus Bulgaria.

The EC will then submit a proposal to the EU Council with a specific date for Bulgaria's accession, with ECOFIN having the final say.

Translated with DeepL.