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EU Ministers Approve Bulgaria’s Entry to Eurozone on January 1, 2026

Finance ministers set the conversion rate at 1.95583 lev to the euro after Bulgaria met EU convergence benchmarks despite ongoing public protests.

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Bulgaria's push to join the euro has faced protests at home

Overview

  • EU finance ministers formally adopted legal texts on July 8, granting final approval for Bulgaria to join the eurozone as its 21st member on January 1, 2026.
  • The European Commission and European Central Bank certified in June that Bulgaria’s inflation, debt and deficit levels met the strict convergence criteria required for euro adoption.
  • President Rumen Radev’s proposal for a referendum on the currency switch was rejected by the Bulgarian Parliament, removing a major hurdle to the transition.
  • The fixed conversion rate of 1.95583 leva to the euro was established to anchor the changeover and guide businesses and consumers through the currency shift.
  • Sustained protests in Sofia reflect deep public concern, with surveys indicating nearly half of Bulgarians fear the euro will drive up living costs.