BRUSSELS — Bulgaria has cleared the final hurdles to adopt the euro, Eurogroup President Paschal Donohoe said Wednesday, calling the development a “pivotal milestone” for the Balkan country and the wider eurozone.
“I warmly welcome the positive conclusions of the Convergence Reports published today by the European Commission and the European Central Bank,” Donohoe said in a statement. “These reports confirm that Bulgaria has now met all the necessary criteria for euro area membership.”
The announcement paves the way for Bulgaria to become the 21st country to adopt the single European currency, with accession expected in 2026.
“The Eurogroup has consistently supported Bulgaria’s ambition to join the euro area and will continue to work closely with the Bulgarian government on the next steps of the accession process,” Donohoe said.
Bulgaria, an EU member since 2007, has long expressed interest in joining the eurozone. Tuesday’s endorsement represents a culmination of economic and institutional reforms aimed at aligning with the bloc’s fiscal and monetary standards.
“Bulgaria’s euro area membership will not only mark a significant achievement for the country with important benefits for its economy, but will also reinforce the strength, resilience, and voice of the euro area,” Donohoe added.
Calling the euro “a symbol of enduring stability and attractiveness,” Donohoe said he looks forward to officially welcoming Bulgaria to the “euro area family” next year.
Editor: Gabriel Ani
