Joint currency
Euro and cent is expected to soon also in Bulgaria
Sofia has been trying to be included in the club of the euro countries for years. Now it looks good that it will finally work in 2026. Not everyone thinks that.
Bulgaria actually wanted to introduce the euro in 2024. But because inflation was too high, it has so far meant no from Brussels towards Sofia. The EU Commission now gives the green light: Bulgaria fulfills the necessary criteria for the accession to the currency area sought by the reigning Prewestliche coalition on January 1, 2026.
Why does Bulgaria want to introduce the euro?
“Entry to the euro zone is one way that Bulgaria will be richer”, the Ministry of Finance and the National Bank BNB in Sofia advertise in an information campaign. The euro will help tourism and Bulgarian manufacturers will make it easier for Europe and the world.
Bulgaria has been an EU member since 2007. His national currency Lew (Löwe) has been linked to the euro since 1999 – in a ratio of 1.95583 for one euro. After a financial and currency crisis, the LEW had been linked to the D-Mark in a ratio of 1: 1 since 1997.
Why hasn’t it worked so far?
The planned euro introduction in 2024 had to shift Bulgaria, among other things, because of the comparatively high inflation of 9.5 percent. The criterion of price stability was not fulfilled. For 2025, the EU Commission for Bulgaria expects an inflation rate of 3.6 percent, in 2026 1.8 percent.
Bulgaria with its approximately 6.4 million inhabitants is one of the poorer EU countries and in 2024 was the gross domestic product (GDP) per capita in the European Union. For 2025, the EU Commission assumed 2.0 percent of economic growth in its latest economic forecast, for 2026 it predicts 2.1 percent plus.
The fortune in the Balkanland is very unevenly distributed, the gap between poor and rich is large. The minimum wage is 1,077 Lewa (626.83 euros) per month. According to Finance Minister Temenuschka Petkowa, 30 percent of the economy accounts for the shadow economy.
Who decides on the euro joining in the euro?
The progress of euro candidates in inflation, public debt and stable exchange rates are regularly checked by the European Central Bank (ECB) and the EU Commission-at least once every two years or at the request of an EU state who has not yet introduced the euro.
The Council of the European Union ultimately decides whether a country is ready for the euro. Representatives from all EU countries make this decision based on a proposal from the EU Commission and after hearing the European Parliament.
What are the next steps?
According to the EU Commission’s proposal, the Euro member states have to agree and the European Parliament must comment on this. The EU heads of state and government then discuss the accession before the member states in the Council of the European Union give the green light.
Are there critics in Bulgaria?
The Prorussian Nationalist Party Wasraschdane (rebirth) is against the euro. The nationalists, who belonged to the European AfD in the European AfD in the European AfD, were promoted to the preservation of the state currency LEW. The third strongest party in the Bulgarian parliament warns of a “price shock” before the introduction of the euro.
President Rumen Radew questioned the government in 2026 to introduce the euro to the introduction of the euro. The politician, which is considered pro -Russian, criticizes that the population is not sufficiently prepared for a currency change. He also calls for measures against excessive exposure of goods and services.
Can there be a referendum in Bulgaria?
Radew in vain called for a referendum on the appointment for the introduction of the European Community Currency in Bulgaria. His application was not approved for coordination in parliament. Just a few days ago, the ProWestliche Parliament’s majority rejected a referendum requested by Wasraschdane for the second time after 2023. According to surveys, Bulgaria’s population is divided on the question of whether the euro will rather bring advantages or disadvantages for them.
What effects would Bulgaria join the euro zone?
Another country in the currency area makes trade and travel easier. If you do business or want to invest, you no longer have to worry about changing courses. In addition, the comparison of prices between the previous euro countries and Bulgaria would be easier if there were also paid there with euros.
Tourists would also benefit because they no longer have to get a national currency after Bulgaria’s euro access to Bulgaria, which is usually associated with costs.
With his accession to the euro area with the other euro states, Bulgaria would watch the stability of the common currency: as a member of the ECB council, in which the monetary policy decisions are made, for example, for the amount of key interest rates in the currency area.
dpa
Source: Stern
