The Eurogroup approves Bulgaria's accession to the eurozone on January 1, 2026

The Eurogroup approves Bulgaria's accession to the eurozone on January 1, 2026. Today's recommendation by the eurozone finance ministers is key and will be discussed at the next level by the finance ministers of the European Union (EU).

The decision was largely expected after the European Commission (EC) and the European Central Bank (ECB) gave a positive assessment in their extraordinary convergence reports on Bulgaria's readiness to join the eurozone on June 4. They noted that our country meets all convergence criteria, including inflation, interest rates, budget deficit, etc.

After reviewing the Eurogroup reports, the finance ministers of the Eurogroup recommended that the EU Council take the necessary legislative measures for our country's accession to the monetary union.

This week, the European statistical office Eurostat reported that Bulgaria continues to meet the inflation criterion for accession, maintaining stable low price growth in May.

Today is truly a great day for our country. Everyone unanimously agreed that Bulgaria meets all the requirements to become part of the eurozone. The exchange rate was also discussed and remains unchanged," Finance Minister Temenuzhka Petkova told the media.

She added that “everyone applauded Bulgaria's accession to the eurozone” and that our country is on track to achieve a strategic goal.

This is the dream of generations of Bulgarian citizens. This is a wonderful moment and it will be accompanied by economic and financial stability," the finance minister assured.

The recommendation is now to be discussed by the Economic and Financial Affairs Council (ECOFIN), which includes the relevant ministers from across the EU. Its meeting is tomorrow, June 20.

As Economic.bg reported earlier this month, the final decision on Bulgaria's fate in the eurozone is to be announced in early July. This is because the vote takes place in two stages: in the first stage, the two institutions (the Eurogroup and ECOFIN) only discuss the convergence reports and give political support to the proposal, in this case for the introduction of the euro in Bulgaria. In the second stage, a legislative decision on the enlargement of the eurozone is adopted, and it is this stage that is final and legally binding and is expected to take place on July 8.

According to Petkova, July 8 is also the date on which the exchange rate with the euro will be fixed.

Translated with DeepL.