The EU Council for Economic and Financial Affairs (ECOFIN) adopted the three legal acts by which the procedure for the adoption of the euro in Bulgaria from January 1, 2026 is considered completed, Brussels announced.
These are - the Council Decision on the adoption of the euro by Bulgaria, the Council Regulation amending Regulation 974/98 on the introduction of the euro in Bulgaria and the Council Regulation amending the Regulation on the exchange rate to the euro for Bulgaria, indicated the Bulgarian National Radio.
This completes the process by which Bulgaria becomes the 21st member of the eurozone and from next year will benefit from the use of the EU's common currency - the euro.
"As of today, Bulgaria takes its place as the 21st member of the eurozone. This marks the culmination of a thorough process towards Bulgaria's accession, involving rigorous analysis and intensive preparation. I warmly congratulate Bulgaria and the Bulgarian people on this great achievement", said Danish Minister for the Economy Stefanie Losse, who is chairing today's EU Council for Economic and Financial Affairs (ECOFIN).
One of the three legal acts sets the exchange rate between the euro and the Bulgarian lev at 1.95583 leva per 1 euro. This corresponds to the current central rate of the leva in the exchange rate mechanism (ERM II).
They are expected to be published in the Official Journal of the European Union within a few days. This was also the last stage after which Bulgaria can congratulate itself on its membership of the euro area. After the meeting, European Commissioner for the Economy Valdis Dombrovskis said:
"Let me start with the historic news for Bulgaria. Today, ECOFIN approved Bulgaria to become the 21st member of the euro area. This completes the legislative process. Joining the euro area is much more than just replacing the lev with the euro. It is a step towards building a brighter and more prosperous future for Bulgaria and its citizens in the heart of Europe.