Eurogroup Gives Green Light: Bulgaria Set to Join Eurozone in 2026

The Eurogroup has given its full support for Bulgaria to join the eurozone, recommending that the country become its 21st member starting January 1, 2026. The decision was announced after a meeting in Luxembourg, where Bulgaria was represented by Finance Minister Temenuzhka Petkova and Bulgarian National Bank Governor Dimitar Radev. All euro area finance ministers backed Bulgaria’s membership unanimously, describing the country as fully compliant with the established criteria.

The discussions were based on the latest convergence reports prepared by the European Commission and the European Central Bank, which found that Bulgaria meets the economic and legal benchmarks necessary for adopting the euro. During the meeting, both institutions presented their findings, highlighting Bulgaria’s preparedness for integration into the monetary union.

Speaking after the meeting, Petkova described the outcome as a significant milestone. “Everyone unanimously stated that Bulgaria fulfills all the conditions and requirements to become a member of the eurozone. Today is truly a good day for our country,” she said.

The Eurogroup is the informal body that brings together the finance ministers of euro area countries to coordinate policies related to the common currency. Its endorsement is considered a key step toward full membership. The meeting in Luxembourg took place just one day ahead of the formal gathering of the ECOFIN Council, where the decision will be discussed further.

The final verdict on Bulgaria’s eurozone entry is expected on July 8, when the EU Council of Finance Ministers meets in Brussels. If approved, the country would join the euro area at the start of 2026.

Commenting on the potential enlargement of the eurozone, Eurogroup President Paschal Donohoe expressed strong support, calling Bulgaria’s expected accession beneficial both for the country and the broader monetary union. “Bulgaria’s entry will strengthen the eurozone. The euro has proven itself over the years by maintaining low inflation levels, even in the face of external shocks such as the recent energy crisis,” Donohoe said. He also emphasized the importance of sound fiscal discipline, expressing confidence in Bulgaria’s ability to manage the transition effectively.