Brussels: Europe and the Arabs

The European Commission in Brussels concluded on Wednesday that Bulgaria is ready to adopt the euro as of January 1, 2026, a major achievement that will make it the 21st member state to join the eurozone. This assessment came in the 2025 Convergence Report, prepared at the request of the Bulgarian authorities, and represents a decisive and historic step in Bulgaria's journey towards adopting the euro. According to a statement issued by the Commission, "The report concluded that Bulgaria meets the four nominal convergence criteria, which aim to ensure that a country is ready and its economy is sufficiently prepared to adopt the euro. The Member State's legislation was also found to be compatible with the requirements of the Treaty and the Statute of the European System of Central Banks and the European Central Bank. The Commission's assessment also takes into account additional factors relevant to economic integration and convergence, including developments in the balance of payments and the integration of product, labor, and financial markets."
This assessment is complemented by the European Central Bank's Convergence Report, also published today. European Commission President Ursula von der Leyen said: "The euro is a tangible symbol of Europe's strength and unity. Today, Bulgaria is one step closer to adopting it. Thanks to the euro, Bulgaria's economy will be even stronger, with increased trade with euro area partners, foreign direct investment, access to finance, good jobs, and real incomes. Bulgaria will take its rightful place in shaping decisions at the heart of the euro area. Congratulations, Bulgaria!" As a result of this assessment, the Commission also adopted proposals for a Council Decision and Regulation on Bulgaria's adoption of the euro on 1 January 2026. The Council of the European Union will take the final decisions on Bulgaria's adoption of the euro, following discussions in the Eurogroup and the European Council, and after the European Parliament and the European Central Bank have expressed their views.
The Convergence Report, prepared by the European Commission, forms the basis for the Council's decision on whether a Member State meets the conditions necessary for joining the euro area.
The Commission's report was published in parallel with the Convergence Report of the European Central Bank.
Convergence reports are issued every two years, or in response to a specific request from a Member State to assess its readiness to join the euro area. The Commission received Bulgaria's request for a special convergence report in February 2025, with a view to adopting the euro in 2026.
European Commission President Ursula von der Leyen said in the European statement, "The euro is a tangible symbol of European strength and unity. Today, Bulgaria takes another step closer to adopting it as its currency. Thanks to the euro, Bulgaria's economy will become stronger, with increased trade with euro area partners, foreign direct investment, access to finance, good jobs, and real incomes. Bulgaria will take its rightful place in shaping decisions at the heart of the euro area. Congratulations to Bulgaria!"
Valdis Dombrovskis, Commissioner for Economy and Productivity; Implementation and Simplification, said, "Today's report represents a historic moment for Bulgaria, the euro area, and the European Union. Bulgaria has met all the convergence requirements and the criteria for joining the euro area to become the 21st member." Today's announcement marks the culmination of a five-year journey since Bulgaria joined the European Exchange Rate Mechanism II (ERM II) in 2020. The euro will bring tangible benefits to Bulgarian citizens and businesses, including price stability, lower transaction costs, savings protection, increased investment, and increased trade. Of course, the euro is more than just a currency. Following Bulgaria's full accession to the Schengen Area earlier this year, the euro brings it closer to the heart of Europe. Bulgaria's successful integration into the eurozone will require continued strong policies to enhance the competitiveness and resilience of the Bulgarian economy.