Bulgaria will join the eurozone in 2026

BrusselsThe eurozone continues to grow. The European Commission announced this Wednesday that Bulgaria meets all the requirements to join the single currency and concludes in a report that it is "fully prepared" to join the same as of January 1 of next year. Thus, barring any last-minute surprises, Bulgaria would become the 21st European Union member state to adopt the euro as its currency.

Brussels highlights that the Bulgarian economy recorded a price increase rate of 2.7% last year, when the European Commission carried out the assessment, one-tenth of a percentage point below the maximum imposed by the EU itself (2.8%). Inflation in the eurozone countries was slightly lower last year than in Bulgaria, at 2.4%.

Along the same lines, the EU executive indicates that Bulgaria has neither excessive debt nor excessive deficit. That is to say, there are no open proceedings against Brussels for exceeding the European Union's fiscal limits, which require keeping the deficit below 3% and gradually reducing debt. Brussels also points out that Bulgarian financial services and its economy in general are already "highly integrated" with those of the other countries in the single currency. It also boasts stable interest and exchange rates over time.

According to the European Commission, the benefits of joining the eurozone are varied and diverse. It points out that resources will be saved on currency exchange, that the Bulgarian economy will have greater access to financing, and, among other benefits, that it will receive more foreign investment. Furthermore, it will be able to participate in decision-making on monetary policies affecting the euro, especially at the European Central Bank (ECB).

However, the decision announced this Wednesday is not the final step for Bulgaria to join the eurozone, although it is already well underway and a last-minute change of script would be necessary to avoid its eventual entry. Now the EU Council—the institution that represents the eurozone countries—must give its final approval, although it has already voted in favor, and the European Parliament will also give its opinion in a non-binding vote. Thus, as the European Commission has almost taken for granted this Wednesday, Bulgaria is expected to join the eurozone on January 1, 2026.