Bulgaria moves one step closer to joining eurozone

Bulgaria has been given the green light by the European Commission and the European Central Bank to adopt the euro currency, marking a historic step that will likely make it the 21st member of the single currency union.

The ECB released the Convergence Report on Wednesday concluding that Bulgaria meets the necessary criteria to become a eurozone member, paving the way for euro adoption on Jan 1, 2026.

The report confirmed Bulgaria meets the four key conditions for euro adoption: price stability, sustainable public finances, stable exchange rates and legal compatibility.