Bulgaria to adopt the euro as ECB and European Commission give green light

Published connected 04/06/2025 - 14:09 GMT+2•Updated 14:25

Bulgaria will subordinate nan eurozone astatine nan commencement of adjacent twelvemonth aft clearing a bid of economical hurdles, securing support from nan European Central Bank and nan European Commission connected Wednesday.

"Today's study is simply a historical infinitesimal for Bulgaria, nan euro area and nan European Union," said EU system main Valdis Dombrovskis.

ECB Executive Board Member Philip Lane noted: "I wish to congratulate Bulgaria connected its tremendous dedication to making nan adjustments needed."

Since it joined nan EU successful 2007, Bulgaria has been seeking to move its existent currency, nan lev, to nan euro — though persistent ostentation and governmental unrest person stalled progress.

Last year, Bulgaria's accession to nan eurozone was pushed backmost arsenic nan state grounded to incorporate value pressures. These changeable up during Europe's power situation pursuing Russia's penetration of Ukraine, though yearly CPI cooled to 3.5% successful April, adjacent to nan EU's 3% target.

The ECB and nan Commission are now satisfied that economical criteria are fulfilled, notably relating to nan nationalist indebtedness and deficit, inflation, liking rates and nan speech rate.

Bulgaria's accession must now beryllium approved by euro area finance ministers, pinch nan last go-ahead expected connected 8 July.

Wednesday's breakthrough came aft a activity of protests successful Bulgaria against nan take of nan euro.

Disinformation campaigns from location and overseas person made definite groups fearful of nan change, notably pushing narratives that nan euro will worsen poorness and stoke inflation.

Bulgarian President Rumen Radev encouraged nan anti-euro voices by proposing earlier this period a referendum connected nan currency. The connection was rejected by nan pro-European mostly successful parliament, which accused Radev of acting successful favour of Moscow pinch his last-minute effort to sabotage nan euro adoption.

Countries that person antecedently joined nan eurozone person seen humble inflationary spikes.

Even so, eurozone rank besides offers a bid of benefits arsenic it tin trim borrowing costs, pull overseas investment, and facilitate cross-border trade. A position successful nan eurozone would besides let Bulgaria to person a greater opportunity complete nan ECB's monetary argumentation trajectory.

Croatia was nan past state to subordinate nan eurozone successful 2023.