Bulgaria Set to Join Euro Zone in 2026: A New Chapter for the Lev
Bulgaria is poised to join the euro zone on January 1, 2026, after receiving a recommendation from euro zone finance ministers. The transition from the lev to the euro comes after meeting the necessary economic criteria, though public skepticism about price increases persists.
In a significant move towards economic integration, Bulgaria has been recommended to join the euro zone as its 21st member by January 1, 2026. This endorsement comes from euro zone finance ministers, following affirmative evaluations by the European Commission and European Central Bank.
Paschal Donohoe, chairperson of the euro zone finance ministers' meetings, highlighted that Bulgaria meets the necessary conditions for euro adoption. The formal recommendation will be finalized by all 27 EU finance ministers on Friday and subsequently by EU leaders on June 26. The conversion rate from the Bulgarian lev to the euro is set to be determined in early July, allowing six months for preparation.
Despite the anticipation, public sentiment in Bulgaria is mixed, with a recent Eurobarometer poll indicating that half of the population fears potential price hikes post-adoption. Bulgaria's commitments to maintaining inflation and budgetary discipline have been crucial, with its public debt and exchange rate stability already aligning with EU standards.
(With inputs from agencies.)
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