POLITICO: Bulgaria on Track to Join Eurozone in 2026

Bulgaria is poised to join the eurozone as its 21st member on January 1, 2026, pending final approval from the European Commission and the European Central Bank. According to POLITICO, several senior officials have confirmed that both institutions are expected to greenlight Bulgaria's entry in a report scheduled for release next Wednesday.

The country’s accession to the eurozone would open the door for improved trade links with the rest of the EU, lower transaction costs, and a stronger role in decision-making at the EU level, as noted by the same report. Bulgarian economist and former deputy prime minister Atanas Pekanov told POLITICO that joining the eurozone would reinforce Bulgaria’s sovereignty by ensuring a voice in ECB policy decisions - something it currently lacks despite the lev being pegged to the euro for years. Under the proposed timeline, the governor of the Bulgarian National Bank would gain a seat on the ECB’s Governing Council, although Bulgaria’s overall influence will be modest, given its small share of the EU economy.

Still, some critics have expressed concerns about the adoption of the euro. They warn of the risk of an initial jump in prices, which could disproportionately impact poorer, rural households. Drawing on examples from other countries like Slovakia, Estonia, and Lithuania, they note that domestic prices often align with higher European norms after joining the eurozone, driving up inflation in the medium term.

The fear is that these price rises would be most severe for essential goods such as vegetables - particularly for those in rural areas, who have limited options for shopping around. Atanas Pekanov pointed out that the skepticism of rural communities stems not from Euroscepticism, but from genuine worries about the cost of living.

President Rumen Radev, meanwhile, took observers by surprise when he recently proposed a national referendum to delay Bulgaria’s entry into the eurozone. However, such a vote is considered unlikely to proceed, as the Constitutional Court has previously declared similar referendums unconstitutional.

Radev’s idea also faces resistance in parliament, where most parties back the euro. Prime Minister Rosen Zhelyazkov has described the referendum proposal as misguided, arguing that the euro will ultimately enhance the competitiveness of Bulgaria’s economy, and that stirring fear in the public at this stage would be counterproductive.