Bulgaria Is Set to Join Eurozone in 2026
(MENAFN) The European Council has officially sanctioned Bulgaria’s entry into the euro area, effective January 1, 2026.
This move positions Bulgaria as the 21st nation to adopt the euro, signaling a significant milestone in its economic progression.
The decision was finalized during a gathering of the EU's Economic and Financial Affairs Council and followed by a ceremonial signing in Brussels, which saw attendance from both Bulgarian and EU representatives.
In response to public worries regarding potential inflation, European Commission Vice President Valdis Dombrovskis offered reassurance.
He stated: "We have strong historical data, including Croatia, recent experience in 2023 that confirms that upward impact on the changeover on the prices is minimal in a short run … and people have actually recognized the practical benefits which euro is bringing."
This comment was intended to ease fears about short-term price increases stemming from the transition to the euro.
Luis de Guindos, Vice-President of the European Central Bank, emphasized the significance of this change for Bulgarian citizens.
He noted: "The euro will bring direct benefits to Bulgarian citizens … It also marks an important step forward in the economic and monetary integration of Europe." His statement underlined the broader regional benefits and deepened financial alignment within the European Union.
Bulgarian Finance Minister Temenuzhka Petkova hailed the Council’s decision as a landmark moment.
She declared: "Today marks a historic date for Bulgaria … Our membership in the euro area is a prerequisite for the economic and financial stability of our country."
Her remarks reflected the strategic importance of this transition for Bulgaria’s fiscal and monetary stability.
With the endorsement from the Council, Bulgaria now enters a preparatory phase aimed at readying both public and private institutions for the currency conversion.
This adjustment period involves measures such as the simultaneous display of prices in both currencies, reconfiguring ATMs, pre-distributing euro banknotes and coins, and implementing oversight mechanisms to prevent unfair pricing during the transition.
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