"Bulgaria on the Doorstep of the Eurozone": High-Level Conference Takes Place in Sofia

The Ministry of Finance and the Bulgarian National Bank on November 4 are organising the high-level conference “Bulgaria on the Doorstep of the Eurozone”. It is being held at the Boyana Residence and forms part of the public information campaign on the introduction of the euro in Bulgaria from 1 January 2026.

The conference began at 9:00 a.m. with an opening session attended by Prime Minister Rosen Zhelyazkov and the Managing Director of the International Monetary Fund, Kristalina Georgieva.

An address will also be delivered by the President of the European Central Bank, Christine Lagarde.

The leaders’ dialogue will open with a video link to Paschal Donohoe, President of the Eurogroup and Ireland’s Minister for Finance, followed by a round-table discussion with Finance Minister Temenuzhka Petkova, Bulgarian National Bank Governor Dimitar Radev, European Commissioner for Economy, Productivity, Enforcement and Simplification Valdis Dombrovskis, and Pierre Gramegna, Managing Director of the European Stability Mechanism.

The moderator of the high-level event is Lilyana Pavlova, Vice-President of the European Investment Bank (2019-2023). She began by saying that Europe is investing in itself as never before to protect its model, its citizens and its future. “Today, we can clearly say that Bulgaria is ready.”

“The euro is a bridge between generations, between economies, between the future and the past. Bulgaria is not simply changing its currency, but its dimension – from the periphery to the heart of Europe,” Pavlova said.

Rosen Zhelyazkov stated that Bulgaria’s goal is not simply to join the eurozone, but to be part of it.

“Today, Bulgaria stands on the threshold of an important moment in its historical development. From 1 January, our country will become part of the family of states that have chosen the euro as their currency – a currency that unites over 340 million citizens in more than 20 European countries. The euro is not merely a monetary unit; it is a strategic choice that consolidates Bulgaria’s place at the heart of a united and strong Europe.”

Bulgaria’s entry into the eurozone is recognition of years of work by Bulgarian politicians, many experts and citizens. It is a symbol of trust, Prime Minister Zhelyazkov added.

Zhelyazkov noted that success in introducing the euro depends not only on the efforts of institutions, but also on the most important component – citizens’ trust. He expressed confidence that Bulgarians’ doubts about the euro would soon be dispelled.

“We are demonstrating that when we have a common goal and determination, Bulgaria can achieve. Bulgaria is ready for its future.”

Kristalina Georgieva said she was “celebrating a hard-earned achievement”. “Bulgaria will now have the right to preserve its price stability and take its place at the decision-making table. The adoption of the euro will go down in history as a key step for Bulgaria.”

Looking to the country’s future, she said she was “confident that, as in Croatia, the euro will bring added value to Bulgaria”.

“So let us be clear-eyed about the facts. Life in Bulgaria has improved since the start of the road towards eurozone accession. Yet the country is still not a top performer in the European Union’s convergence process. At the beginning of accession negotiations in 2000, GDP per capita adjusted for purchasing power was less than one-third of the EU average. By 2024, it had reached around two-thirds of the average. This makes a real difference to people’s lives and livelihoods, but it is not and will not be enough for Bulgarians. The euro will help, but it does not guarantee a higher standard of living by itself. The challenge remains before us, and the task is to take the adoption of the euro, combine it with sound policies and lift convergence to the next level.”

Reforms are not easy, Georgieva stressed, but progress is essential. “With privileges come responsibilities,” she added.

“Bulgaria must address its shortcomings, particularly in governance. Europe must insist on progress in this area. A second task is for Bulgaria to deepen financial integration, especially in this time of global uncertainty.”

Joining the euro area will be another reason to be proud of being Bulgarian, Georgieva added.

Christine Lagarde said Bulgaria had travelled a long road.

“Every country that joins has the same doubts and concerns – that it will lose sovereignty and everything will become much more expensive. Bulgaria has travelled a long path, enormous work has been carried out: many reforms have been implemented, many laws adopted. This is a huge step you have taken, but it is the beginning of a journey, not the final destination. Reforms and convergence must continue. The real benefits of joining the euro are prosperity and security.”

Small and medium-sized enterprises will save €1 billion a year in exchange-related costs, she said.

“Take the automotive industry in Bulgaria: the country supplies 80% of electronic components for cars produced in Europe. In addition to savings, these firms can invest what they save in growth. Financing costs will be far lower, providing a foundation for long-term investment.”

“If we trust Eurostat and other European institutions – 65% of Bulgaria’s exports go to the European Union, and 45% of those exports are to the eurozone.” She urged Bulgaria not to lapse into “post-accession fatigue”. “You have achieved impressive results – keep going,” Lagarde urged.

Paschal Donohoe said over 80% of people in euro-using economies support the role of the euro. He congratulated Bulgaria on its achievement and added that “currencies around the world need a digital future”.

“With your participation in the Eurogroup, with your engagement in the Commission, the Eurogroup and monthly meetings – this is a political community of all finance ministers who share the euro. Our discussions on budgetary policy are an informal but effective way of reminding us of our responsibility to one another and the advantages we can draw from working together.”

Temenuzhka Petkova described euro adoption as an unequivocal success for Bulgaria.

“Bulgaria is ready to introduce the euro from 1 January, both at state administration level and at municipal level.”

The context in which Bulgaria joins the eurozone is complex, said European Commissioner Valdis Dombrovskis.

“Preparation for the adoption of the euro in Bulgaria is progressing according to plan. The context is complex – geopolitically, the world is becoming more fragmented and more conflict-prone, making it even more important to be part of a larger geopolitical bloc. Joining the eurozone is not simply joining a monetary union, exchanging coins and banknotes; it means becoming part of the heart of the European Union.”

The question of the context of our country's entry into the euro area is extremely important, BNB Governor Dimitar Radev said.

BNB Governor Dimitar Radev stressed the importance of context in Bulgaria’s accession to the eurozone.

“There are three dimensions. The first is historical and strategic. It boils down to two questions – direction and belonging. Both questions have the same answer: Europe, or more precisely, the heart of Europe. Can a country like Bulgaria have another direction and identity? The answer is no. What we are doing in joining the eurozone is not political expediency; it is a historical inevitability. The second dimension is commitments and responsibility. I find it remarkable that our country is joining at a time when the world and Europe face serious challenges. We want to be an active part of the discussion and of solving these problems. The third context is Europe’s place in the world. The EU remains a leader in one key area – in the security and prosperity it provides to its citizens.”

photos by BTA, Irina Tsoneva,Milena Kirova

On 8 July this year, Bulgaria received final approval from the Council of the European Union and the European Parliament to become the 21st member of the eurozone from 1 January 2026, exactly 19 years after joining the European Union.

The Council adopted unanimously the final decisions for adopting the euro in Bulgaria, concluding the process. One of the three legal acts adopted sets the lev-euro exchange rate at 1.95583 leva to one euro, corresponding to the current central rate under the currency board.

Earlier, the European Parliament approved the report on Bulgaria’s adoption of the single European currency by a large majority – 531 votes in favour, 69 against and 79 abstentions.