Bulgaria gets EU approval to adopt euro, PM welcomes ‘remarkable day’
Bulgarian Prime Minister Rossen Jeliazkov said the EU’s green light on Wednesday for the Balkan country to adopt the euro next year confirmed its progress.
“A remarkable day. Another step forward on Bulgaria’s path to the euro … This follows years of reforms, commitment and alignment with our European partners,” he said in a post on X.
The push has, however, sparked a backlash from many Bulgarians, with protests and recent surveys showing nearly half of those questioned opposed adopting the euro — fearing painful economic consequences.
“If Bulgaria joins the eurozone, it will be like boarding the Titanic,” Nikolai Ivanov, a retired senior official, told AFP at a recent protest calling for the country’s currency – the lev – to be maintained.
Bulgaria has had a rocky road to joining the eurozone: the nation has been plagued by political turmoil with seven elections in three years – the last in October 2024.
The approval by the EU’s executive body comes 18 years after Bulgaria joined the bloc.
“Congratulations, Bulgaria!”
Ursula von der Leyen
“Thanks to the euro, Bulgaria’s economy will become stronger, with more trade with euro area partners, foreign direct investment, access to finance, quality jobs and real incomes,” she said in a statement.
With a population of 6.4 million, Bulgaria is the poorest nation in the bloc but has spent several years preparing its economy to join the eurozone.
Bulgaria still needs the approval of the EU’s finance ministers, who are expected to give their full backing in July, before it formally adopts the euro.
“Today’s report is a historic moment for Bulgaria, the euro area and the European Union,” said EU economy chief Valdis Dombrovskis.
“Of course, the euro is more than a currency. Following on from Bulgaria becoming a full member of the Schengen area earlier this year, it brings Bulgaria ever closer to the heart of Europe,” he added.