Press Release – Jun 4, 2025 – Brussels – Today, the European Commission concluded that Bulgaria is ready to adopt the euro as of 1 January 2026 – a key milestone that would make it the twenty-first Member State to join the euro area. This assessment is set out in the 2025 Convergence Report, prepared at the request of the Bulgarian authorities and marks a critical and historic step on Bulgaria’s journey towards euro adoption.
The Report finds that Bulgaria fulfils the four nominal convergence criteria, which are intended to ensure that a country is ready to adopt the euro and that its economy is sufficiently prepared to do so. The Member State’s legislation is also found to be compatible with the requirements of the Treaty and the Statute of the European System of Central Banks and of the European Central Bank (ECB). The Commission’s assessment also considers additional factors relevant to economic integration and convergence, including balance of payments developments and the integration of product, labour and financial markets.
This assessment is complemented by the ECB’s own Convergence Report, also published today.
Ursula von der Leyen, President of the European Commission said: “The euro is a tangible symbol of European strength and unity. Today, Bulgaria is one step closer to its adoption as currency. Thanks to the euro, Bulgaria’s economy will become stronger, with more trade with euro area partners, foreign direct investment, access to finance, quality jobs and real incomes. And Bulgaria will take its rightful place in shaping the decisions at the heart of the euro area. Congratulations, Bulgaria!”
Next steps
As a result of this assessment, the Commission has also adopted proposals for a Council Decision and a Council Regulation on euro introduction in Bulgaria on 1 January 2026. The Council of the EU will take the final decisions on Bulgaria’s euro adoption, following discussions in the Eurogroup and the European Council, and after the European Parliament and the ECB have delivered their opinions.
Background
The Convergence Report prepared by the European Commission forms the basis for the Council of the EU’s decision on whether a Member State fulfils the conditions required to join the euro area.
The Commission’s report is published in parallel with the Convergence Report of the ECB.
Convergence Reports are issued every two years, or in response to a specific request by a Member State to assess its readiness to join the euro area. The Commission received Bulgaria’s request for a special Convergence Report in February 2025 with the aim of adopting the euro in 2026.
For more information
Questions and answers: Convergence Report 2025 on Bulgaria
European Commission Convergence Report 2025
Quote(s)
“The euro is a tangible symbol of European strength and unity. Today, Bulgaria is one step closer to its adoption as currency. Thanks to the euro, Bulgaria’s economy will become stronger, with more trade with euro area partners, foreign direct investment, access to finance, quality jobs and real incomes. And Bulgaria will take its rightful place in shaping the decisions at the heart of the euro area. Congratulations, Bulgaria!
Ursula von der Leyen, President of the European Commission”
“Today’s report is a historic moment for Bulgaria, the euro area and the European Union. Bulgaria has met all the convergence criteria to become the 21st member of the Eurozone. Today’s announcement is the culmination of a five-year journey, since it entered ERM II in 2020. The euro will bring tangible benefits for Bulgarian citizens and businesses: stable prices, lower transaction costs, protected savings, more investment, and increased trade. Of course, the euro is more than a currency. Following on from Bulgaria becoming a full member of the Schengen Area earlier this year, it brings Bulgaria ever closer to the heart of Europe. Bulgaria’s successful integration in the euro area will require continued strong policies to strengthen the competitiveness and resilience of the Bulgarian economy.”
Valdis Dombrovskis, Commissioner for Economy and Productivity; Implementation and Simplification
Press contacts:
Balazs UJVARI (+32 2 29 54578)
Francisca MARÇAL SANTOS (+32 2 29 97236)
Thérèse LEREBOURS (+32 2 29 63303)
General public inquiries: Europe Direct by phone 00 800 67 89 10 11 or by email
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