LAST UPDATE | 8 Jul

EUROPEAN FINANCE MINISTERS have approved Bulgaria as the 21st member of the Eurozone.

Bulgaria, which uses the Bulgarian Lev, will adopt the Euro on 1 January 2026. 

The country’s path to join the eurozone has had a stormy political backdrop, with seven elections in the last three years.

Many Bulgarians are against switching to the euro, over concerns it will lead to a rise in the cost of living. Proponents believe the move will help improve the country’s economy and citizens’ lives.

Speaking to reporters in Brussels this morning, Bulgarian finance minister Temenuzhka Petkova said her country’s government expects “full support” from all member states.

Petkova, who is also the country’s deputy prime minister, added: “We are on the verge of realising a strategic goal for our country.”

It was adopted by finance ministers from EU member states, including Ireland, just before lunchtime this morning.

Croatia was the last country to join in 2023, bringing the total to 20. Bulgaria wanted to adopt the euro sooner, but the EU said its inflation was too high to meet the necessary criteria. It came at a period of high inflation for many member states.

EU states that want to join the single currency must demonstrate that their economy has converged with other eurozone countries and that they have their finances under control. The current conversion rate is 1 Lev to 0.51c.

With reporting from AFP