On Tuesday 8 July, the Council of the European Union finalised the legislative procedure for Bulgaria’s accession to the euro area from January 2026 (see EUROPE 13653/1).
In particular, the conversion rate between the euro and the Bulgarian lev was definitively set at 1.95583 lev for 1 euro. This rate corresponds to the current central rate of the Bulgarian lev in the European Exchange Rate Mechanism (ERM II).
At the close of the Ecofin Council meeting, Danish minister, Stephanie Lose, described this step as “a great day for Bulgaria and for Europe”. For the European Commissioner for Economy, Valdis Dombrovskis, Bulgaria’s entry into the euro area will offer Bulgarians “new opportunities, more jobs and growth”.
On Tuesday, a ceremony for the signing of the documents formalising Bulgaria’s transition to the single currency took place at the Council.
On Monday evening at the end of the Eurogroup, the Managing Director of the ‘European Stability Mechanism’ (ESM), Pierre Gramegna, had stated that the Bulgarian Minister of Finance would henceforth participate in the work of the ESM’s Board of Directors as an observer, before becoming a full member at the beginning of 2026.
From 2026, the euro area will have 21 members.
See the Council Decision on the adoption by Bulgaria of the euro: https://aeur.eu/f/hrd
See the Regulation on the conversion rate to the euro for Bulgaria: https://aeur.eu/f/hre (Original version in French by Mathieu Bion)