Today marks a pivotal moment for Bulgaria’s accession to the eurozone, with the final two decisions set to take place within hours - one in Strasbourg and the other in Brussels. The outcome will determine whether the country officially joins the euro area on January 1, 2026, becoming its 21st member.

Three Key Legal Acts Await Final Approval

The final green light requires the adoption of three essential legal instruments. These include the Council Decision authorizing Bulgaria's entry into the euro area, the Regulation that sets the exact conversion rate between the lev and the euro, and the Regulation that repeals the temporary exemption (derogation) Bulgaria had due to earlier non-fulfillment of convergence criteria. These are the concluding technical and legal steps of the procedure, expected to be finalized by the Council of EU Finance Ministers later today.

Timing of the Day’s Milestones

The European Parliament is scheduled to vote around 13:00 Bulgarian time in Strasbourg, following a short debate. A simple majority among Members of the European Parliament will be sufficient for the vote to pass. Later in the afternoon, attention will shift to Brussels, where the finance ministers of all 27 EU member states are convening. Their final decision is anticipated around 16:00 Bulgarian time. A symbolic ceremony welcoming Bulgaria into the eurozone is planned for 17:00.

Positive Assessments Cleared the Way

Bulgaria’s journey to the eurozone was significantly advanced on June 4, when the European Central Bank and the European Commission issued their formal convergence reports. Both institutions confirmed that Bulgaria now meets the necessary requirements to join the euro. The ECB praised the country’s macroeconomic progress and its commitment to reforms. Board Member Philip R. Lane stated that Bulgaria’s “positive convergence assessment paves the way” for adoption of the euro in January 2026.

Key Endorsements Along the Way

In the lead-up to today’s decisive meetings, several institutional approvals helped build momentum. On June 20, the Eurogroup - comprising the finance ministers of euro area countries - unanimously backed Bulgaria’s accession. This endorsement, announced by Polish Finance Minister Andrzej Domanski, who currently holds the Eurogroup presidency, effectively initiated the final phase of the decision-making process.

Just four days later, on June 24, the European Parliament’s Committee on Economic and Monetary Affairs (ECON) overwhelmingly adopted a report supporting Bulgaria’s readiness to adopt the euro. The report was drafted and presented by Bulgarian MEP Eva Maydel (GERB/EPP) and passed with 46 votes in favor.

Then, during the European Council summit on June 26, EU leaders reaffirmed the positive assessment, giving political weight to Bulgaria’s path forward.

From Strasbourg to Brussels: The Final Two Steps

Today’s vote in Strasbourg is expected to confirm the Parliament’s backing for Bulgaria’s accession. The second and conclusive step will take place in Brussels shortly afterward. In a clear show of support, the European Commission building has been draped in a large banner reading “Bulgaria, welcome to the Eurozone!” in three languages.

At the Brussels meeting, EU finance ministers will formally adopt the trio of documents that enshrine January 1, 2026, as the date for the lev’s replacement by the euro. The documents also establish the fixed exchange rate and remove Bulgaria’s longstanding opt-out from the obligation to adopt the single currency.

What Comes Next

Following today’s decisions, Bulgaria will begin preparations for the currency transition. One of the initial steps in the transition will be the introduction of dual pricing - displaying all prices in both lev and euro - a practice that is already being implemented in many places across the country. This phase will ensure a smoother adjustment period for consumers and businesses alike. On January 1, 2026, the lev will be officially replaced, concluding the country’s currency board arrangement, in place since 1997, and marking a new chapter in Bulgaria’s economic integration with the euro area.