Bulgaria's Eurozone Bid: Decision Expected by Mid-2025

Bulgaria must request an extraordinary convergence report by the end of February 2025 to join the eurozone on January 1, 2026. EU institutions will need six to eight weeks to prepare the report, allowing a decision by May-June 2025, CE Report quotes BTA

Parliament has given the government two weeks after meeting all convergence criteria to apply. However, Finance Minister Temenuzhka Petkova stated that inflation fell just short of the required threshold in December. Prime Minister Rosen Zhelyazkov confirmed that the request will be sent after February 18. The Bulgarian National Bank predicts that January inflation will meet the criteria, with official statistics expected on February 14 and Eurostat figures on February 24.

European Central Bank (ECB) President Christine Lagarde recently noted that Bulgaria’s eurozone integration is progressing, though the final decision lies with the European Commission.

Political and Economic Perspectives

The GERB-led government supports euro adoption but remains cautious. Former Deputy Prime Minister Atanas Pekanov warned that requesting a report prematurely and facing rejection could delay accession by years and harm financial markets. While junior coalition partners favor the move, the opposition is divided. Continue the Change - Democratic Bulgaria (CC-DB) accuses the government of delaying the process, while the Movement for Rights and Freedoms (MRF) insists the euro must be introduced immediately. Business and trade unions also support swift accession.

Conversely, nationalist parties like Vazrazhdane strongly oppose euro adoption, with leader Kostadin Kostadinov calling it a financial disaster and threatening protests if the transition proceeds.

A recent poll by Myara found that 57.1% of Bulgarians oppose adopting the euro, 39% support it, and 3.9% are undecided. Meanwhile, leading economists have issued a petition urging the government to act quickly, warning that further delays could jeopardize financial stability and investor confidence.

With Bulgaria’s eurozone fate hanging in the balance, the coming weeks will be crucial in determining the country’s financial and economic future.