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The European Commission has finally given Bulgaria the green light to join the Eurozone in 2026, which makes it the 21 country to join the single currency block.
“Today we have reached a crucial milestone on our way to join the euro, marked by years of continuous efforts and strict fiscal discipline,” said Bulgaria Prime Minister Rosen Zhelyazkov, Financial Times.
“The introduction of the euro will improve economic stability and create stronger foundations for investments and economic growth,” he added.
Brussels and the European Central Bank confirmed on Wednesday that Bulgaria had met all the conditions for the euro to adopt on January 1. The finance ministers of the euro area have to formally approve Bulgaria’s accession, but they are expected to do so in July.
Bulgaria’s path to join the unique currency block has been full of delays, since the country fought with political instability and a populist reaction against shared currency. Nor did he meet the inflation objectives.
The country has had seven elections in the last four years, with a succession of unstable governments that contributed to late adoption.
“Bulgaria is complying with all the criteria of convergence to become the state of the euro area, which is in fact an important milestone,” said EU Economy of EU Valdis Dombrovskis in an interview.
“It is good news for Bulgaria, which brings tangible benefits for citizens and companies … and also [shows] The largest euro area is strengthening and producing greater international weight for the euro. It shows that it is a stable and attractive currency. “
However, the opposition to join the Eurozone continues from the populist pro-ruse forces in Bulgaria.
In a demonstration in Sofia during the weekend he saw several thousand protest against the adoption of the euro, Kostadin Kostadinov, leader of the Vazrazhdane Party Pro-Russia of Bulgaria, said: “Bulgaria has increased and declared: Freedom, we chose Lev Bulgaro.”
The independent president of the country, Rumen Radev, also proposed to celebrate a referendum on the issue, a measure criticized by government representatives as sabotage.
But Zhelyazkov, of the Centro de Gerb party, said that the membership of the euro area “has its political dimensions in the complex geopolitical constellation. We consider it a tangible sign of our European identity.”
All the new EU members who have not yet adopted the single currency have to demonstrate that they have converged with other European economies to join the Eurozone.
They must demonstrate that inflation is under control and within 1.5 percentage points of the three states of the Eurozone with the lowest inflation and comply with other reference points, even about the stability of its currencies and economy.
Bulgaria did not meet the inflation criteria in 2024, delaying its adhesion in a year, but in April inflation decreased to 3.5 percent, fulfilling the last condition for the adoption of the euro next year.
