EU formally approves Bulgaria's accession to euro area starting Jan. '26

BRUSSLES, July 8 (KUNA) -- The Council of the European Union announced on Tuesday the adoption of the final legal measures that will officially enable Bulgaria to join the euro area as of 1 January 2026, making it the 21st member of the European monetary union.
In a press release, the Council explained that this step crowns a meticulous process during which Bulgaria underwent rigorous assessments and extensive preparations to meet the criteria required for adopting the common European currency.
In this regard, Danish Minister for Economic Affairs Stephanie Lose, whose country currently holds the rotating presidency of the EU, said in the statement, "As of today, Bulgaria officially joins the euro area as the 21st member, a major achievement for the Bulgarian people and their government." The adopted legal package includes the official conversion rate of the Bulgarian currency (the lev) to the euro, set at 1.95583 lev per 1 euro, which is the current central rate under the European Exchange Rate Mechanism II (ERM II).
Euro area countries had previously recommended Bulgaria's accession during a meeting held on 19 June, based on positive reports from the European Commission and the European Central Bank, both confirming that Sofia meets the required economic convergence criteria. (end) arn.sam