Finance Minister: Nothing Can Stop Bulgaria’s Entry into the Eurozone

Speaking ahead of a decisive day for Bulgaria’s European integration, Finance Minister Temenuzhka Petkova addressed reporters in Brussels, just before the start of the ECOFIN Council meeting where ministers are expected to give final approval for Bulgaria’s accession to the eurozone.

According to Petkova, the day marks a pivotal moment. “We are on the threshold of achieving a strategic national goal,” she said, referring to Bulgaria’s planned adoption of the euro on January 1, 2026. She stressed that all the key steps necessary for final confirmation are coming to a close, and full support from the EU member states is anticipated.

The process involves two major milestones today. First, the European Parliament is expected to vote on a report backing Bulgaria’s eurozone membership. Following that, the Economic and Financial Affairs Council (ECOFIN) is scheduled to adopt three crucial legal acts: a decision formally approving Bulgaria's entry into the eurozone; a regulation for introducing the euro in the country, which also lifts the previous derogation based on convergence criteria; and a regulation confirming the official fixed exchange rate.

Petkova reiterated her confidence in the outcome. “With the adoption of these three legal acts, the process of Bulgaria’s eurozone accession will be practically complete,” she stated. “We expect full support from all member states.”

Ending on a resolute note, the finance minister underlined the irreversibility of the moment: “Nothing can stop Bulgaria on its path to the eurozone. Let us wish ourselves success today.”

Novinite recalls that on January 23, Finance Minister Temenuzhka Petkova confirmed "Bulgaria had effectively abandoned its plan to join the eurozone by January 1, 2026," announcing that the government would not seek an extraordinary convergence report from the European Commission and the European Central Bank.

At that time, it was reported that Bulgaria narrowly missed the inflation criterion, with an annual rate of 2.6% compared to the required 2.5%. Despite earlier optimism, coalition partners - the Bulgarian Socialist Party and “There is Such a People” - had consistently opposed rapid euro adoption, prompting GERB leader Boyko Borissov to accept a compromise on the timeline. Petkova also disclosed a budget deficit exceeding 3.6 billion leva for the first quarter of 2025, stating that the government intended to withdraw existing budget laws and submit revised drafts by mid-February in an effort to limit the deficit to 3% of GDP.

The decision to postpone eurozone entry effectively ruled out accession in early 2026, especially as inflation was expected to rise, despite earlier speculation that Bulgaria might consider creative approaches similar to Croatia’s to meet the convergence criteria.

However, as recent developments show, Bulgaria is now set to join the eurozone, proving Petkova’s earlier assessment incorrect.