What Comes Next After the Positive Convergence Reports on Bulgaria’s Eurozone Accession?

The European Commission (EC) and the European Central Bank (ECB) have released positive convergence reports regarding Bulgaria's adoption of the euro. The country meets all four convergence criteria, and the EC is recommending that the procedure for Bulgaria’s accession to the euro area begin as of January 1st next year. This would make Bulgaria the 21st member of the eurozone.

• The reports of the European Commission and the ECB for the introduction of the euro in Bulgaria are positive

What follows after the positive assessments in the convergence reports?

• June 19: The Eurogroup will discuss the reports and adopt a recommendation to the Council for Bulgaria's accession to the euro area.
• June 20: ECOFIN will review the reports, adopt the recommendation, and approve a letter to the European Council regarding Bulgaria’s entry into the eurozone.
• June 26–27: The European Council will discuss and endorse the reports and the proposal for Bulgaria to adopt the euro starting January 1, 2026.
• July 8: ECOFIN will formally adopt the Council’s final decision on euro adoption, and the European Parliament will issue its opinion.