The European Union approved on Tuesday (8) the adhesion of Bulgaria to the euro area. From January 1, 2026, the country will abandon its national currency, Lev, to adopt the euro as an official currency. The decision was made after the adoption of the last legal acts required by the EU council, ending the formal process of entry of Bulgaria in the Monetary Union.
With the change, Bulgaria will become the 21st country to adopt the unique currency of the bloc. The process involved years of preparation and required the country to meet rigorous economic criteria, such as inflation control, fiscal stability and convergence with the indicators of economies already integrated into the eurozone. The conversion rate between Lev and Euro was set at 1.95583 LEVs by 1 euro, a value already used in the European exchange rate mechanism.
The president of the European Commission, Ursula von der Leyen, classified the decision as a “true achievement” and said that the euro will strengthen the Bulgarian economy, as well as bring benefits to the population and local companies. Bulgarian Prime Minister Rossen Zeliazkov also celebrated the decision, thanking those who contributed to approval and reinforcing the government’s commitment to an effective transition.
Despite the celebration by the authorities, the change has generated controversy within the country. Research indicates that a significant part of the population is contrary to the adoption of the new currency, mainly due to the fear that the replacement of Lev by the euro light to the increase in prices. In recent months, protests have been registered in the capital Sofia, with protesters expressing concern for the loss of economic sovereignty.
Bulgaria’s entry into the euro area occurs 19 years after its adherence to the European Union and two years after Croatia, the last country to have joined the monetary bloc. Other EU countries, such as Sweden, Denmark, Poland, Hungary, Czech Republic and Romania, have not yet adopted the euro. With the change, Bulgaria will leave this group at the end of 2025, fully integrating the European Common Monetary System.
