EU Prepares To Approve Bulgaria's Accession To The Eurozone
1- 27.05.2025, 22:02
- 3,204
Sofia may join the single European currency in 2026.
Bulgaria could join the eurozone - a group of states where the euro is the main currency - as early as 2026 after a positive decision by EU bodies, which is expected soon.
This information was obtained by Politico.
According to several informed Politico interlocutors, the European Commission and the European Central Bank could approve Bulgaria's entry into the eurozone as early as early June.
Bulgaria's entry into the eurozone would help the country boost trade with other EU countries, cut transaction costs and increase its influence in Brussels.
For decades, Bulgaria's currency, the lev, has been pegged to the euro, but the country had no say in European Central Bank monetary policy because it was not in the eurozone.
If Bulgaria joins the single European currency in 2026, as currently planned, the head of Bulgaria's central bank will take an official seat on the ECB's Governing Council.
Critics warn, however, that Bulgaria's entry into the eurozone could cause at least a one-time price increase that would hit people in rural areas particularly hard.
Bearing such concerns in mind, Bulgarian President Rumen Radev earlier this month announced his intention to hold a national referendum to delay the country's entry into the eurozone.
But this is unlikely to be allowed by the country's constitutional court, which has already ruled several times that such a vote is unconstitutional.
Bulgaria had planned to introduce the euro on January 1, 2024, but this has been thwarted by the political instability that continues to this day.
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