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Euro area member states recommend that Bulgaria become the 21st member of the euro area

European Council / Council of the European Union

Eurogroup
Press release
19 June 2025 17:30

Today, the Eurogroup endorsed a recommendation from euro area member states to the Council of the European Union. Ministers agreed with the positive assessments provided by the European Commission and the European Central Bank regarding Bulgaria's fulfilment of the convergence criteria in their respective Convergence Reports.

The recommendation proposes that Bulgaria should introduce the euro on 1 January 2026. This marks the first step in a process through which the EU Council will adopt the necessary legal acts that will enable Bulgaria to become a member of the euro area and begin using the euro as its official currency as of next year.

I am very pleased to announce that the Eurogroup agreed today that Bulgaria fulfils all the necessary conditions to adopt the euro - a crucial step on Bulgaria's path to become the 21st member of the euro area in 2026. Today's milestone is a testament to Bulgaria's strong commitment to economic convergence, reform and European integration. The adoption of the euro is not simply a technical process - it is a powerful symbol of trust, stability and shared prosperity.

- Paschal Donohoe, President of the Eurogroup

Next steps

This recommendation is set to be adopted by the Ecofin Council (by a qualified majority vote of the euro area member states) at its meeting of 20 June 2025. The Council is also expected to endorse a letter by the President of the Ecofin Council to the European Council. The European Council will discuss the matter at its meeting on 26-27 June. The process will conclude with the adoption by the Council (after it has consulted the European Parliament and the European Central Bank) of three legal acts that are necessary to enable Bulgaria to introduce the euro on 1 January 2026. The adoption of these acts is expected to take place in July.