The European Commission believes that Bulgaria is ready to switch to the euro

According to the EC and the ECB, the country meets all the criteria - both in terms of inflation, budget deficit, and the size of the national debt. However, the Bulgarians themselves fear that the transition to the euro will immediately increase prices within the country, as has happened repeatedly with other EU countries that have switched to the euro currency.

Bulgaria is ready to switch to the euro next year. This is the conclusion reached by the European Commission and the European Central Bank. In their opinion, Bulgaria meets all the criteria - both in terms of inflation, budget deficit, and the size of the national debt. It is noted that the country has made significant progress towards economic convergence with the eurozone and can make the transition from January 1, 2026.

As Reuters reports, Bulgaria has been keen to convert the lev to the euro since joining the EU in 2007. But after so many years, the country's residents have lost their initial enthusiasm, with 50% now sceptical about the euro, according to polls in May. Some Bulgarians fear the currency change will lead to higher prices, says local journalist Olga Al-Ahmed:

Olga Al-Ahmed journalist

Now, following the positive recommendation of the European Commission, the leaders of the EU member states must approve Bulgaria's accession to the eurozone no later than June. After which, in July, the EU finance ministries will set the exchange rate of the Bulgarian lev to the euro, and Bulgaria will be able to begin technical preparations for the transition.

The last expansion of the eurozone was three years ago, when Croatia joined the single currency zone. Thus, six countries out of 27 with their own national currencies may remain in the EU: Sweden, Poland, the Czech Republic, Hungary, Romania and Denmark. It is noted that none of them have plans to switch to the euro, at least in the near future.