The European Parliament accepted Bulgaria into the Eurozone. This happened at today's plenary session in Strasbourg.
This is a historic moment for Bulgaria.
In the European Parliament in Strasbourg, MEPs adopted the report supporting Bulgaria's admission to the eurozone with 531 "yes"; 69 "against", and 79 abstained. Bulgaria will become part of the eurozone on January 1, 2026.
The vote was item one, and a simple majority was required to adopt the decision.
"Bulgaria has been on this path for more than two decades. National legislation is coordinated with the EU. Bulgaria is ready, Europe is ready, let's take this step together," said Eva Maydel.
After the EP has expressed its position, the European Economic and Financial Affairs Council (ECOFIN) will meet in Brussels. Comprising the finance ministers of all 27 member states of the bloc, it is they who must take the final decision.
The ministers are expected to approve:
Bulgaria's admission to the euro area from 1 January next year - a decision that is taken by qualified majority.
A regulation on the introduction of the euro, which officially ends the derogation that Bulgaria used because it did not meet the convergence criteria - also requires a qualified majority.
An exchange rate regulation, which is adopted by unanimity. However, the exchange rate of the Bulgarian lev to the euro has been fixed for a long time, so it is expected to be maintained.
A qualified majority is achieved if two conditions are met simultaneously:
55% of the member states (15 out of 27) vote “in favour“.
The proposal is supported by member states whose population represents at least 65% of the total EU population.
The meeting of the Council of Finance Ministers is expected to end at around 16:00 Bulgarian time.
If all votes are successful, Denmark – which currently holds the presidency of the Council of the EU – will organize a special ceremony in Brussels with the participation of Finance Minister Temenuzhka Petkova to officially mark Bulgaria's accession to the eurozone.
Until the signing of the accession treaty, our country could withdraw if any of the previously agreed conditions are not met.
What will happen after the adoption of the euro in our country
The date of introduction of the euro in the Republic of Bulgaria is the date set in the Decision of the Council of the European Union on the adoption of the euro by the Republic of Bulgaria.
From the date of introduction of the euro in the Republic of Bulgaria, for a period of one month, banknotes and coins in levs continue to be legal tender on the territory of the Republic of Bulgaria (period of dual circulation of the lev and the euro).
The Bulgarian National Bank exchanges free of charge, in unlimited quantities and without time limit, banknotes and coins of levs into euros at the official exchange rate.
During the first 6 months of the date of introduction of the euro in the Republic of Bulgaria, credit institutions, as well as “Bulgarian Posts“ EAD (in settlements where there are no offices or branches of a credit institution) exchange banknotes and coins from levs to euros free of charge at the official exchange rate.
The period of dual indication of prices of goods and services in euros and levs begins 1 month after the date of entry into force of the Decision on the adoption of the euro and ends 12 months after the date of the introduction of the euro in the Republic of Bulgaria.
For prices in euros, the rules for currency conversion set out in the Law on the Introduction of the Euro, as well as for rounding, apply.
The introduction of the euro cannot lead to an increase in the prices of goods and services, except when this is justified by objective economic factors, the BNB indicates.
Which are the authorities that will control the process of introducing the euro in Bulgaria?
The National Revenue Agency – when the violations are related to payment documents issued to citizens, or when a trader has increased the prices of the goods and services offered by him without this being justified by objective economic factors;
The Consumer Protection Commission – when the violations are related to the double indication of prices or other misleading of consumers;
The Bulgarian National Bank – in cases of violations by credit institutions supervised by the BNB;
The Financial Supervision Commission – in cases of violations by banks and investment intermediaries supervised by the FSC, performing the functions of depositories, persons managing alternative investment funds, organized securities markets;
The Minister of Electronic Governance - when administrative bodies, persons performing public functions, and organizations providing public services have not brought their information systems processing financial information into compliance with the requirements of the Law on the Introduction of the Euro in the Republic of Bulgaria and the Law on Electronic Governance.