site.btaPM Expects Green Light for Bulgaria's Eurozone Accession

Bulgarian Prime Minister Rosen Zhelyazkov expects a positive convergence report from the European Commission regarding Bulgaria’s accession to the eurozone.

The European Commission has said that it will rule on Bulgaria's request for an ad hoc convergence report on June 4. If the Commission’s decision is positive, it will trigger a lengthy administrative procedure involving the EU Council, the European Council and the European Parliament, the Prime Minister said, talking to reporters in the village of Zagore, Stara Zagora Region, on Wednesday.

The PM explained that this procedure should end in termination of Bulgaria’s status as an EU Member State with a derogation, i.e. temporarily exempt from adopting the euro. The procedure is complicated and involves the European Central Bank, the European Commission and many other institutions. "This multi-stakeholder process must conclude with the results of the current monitoring, regarding key indicators, inflation and the deficit, and we are confident that we meet these criteria," Zhelyazkov emphasized.

"From there on, I cannot think of any force majeure that could derail the process," he said, asked whether the euro would be introduced in Bulgaria from January 1, 2026 if the report is positive.

Bulgaria is not sitting idle while waiting for the Commission to unveil its decision on June 4, the PM argued. "Preparations are under way, including an awareness campaign, discussions with retail chains, and coordination with all market players," he stressed.

The head of government added that work is in progress on establishing control mechanisms and on the State ensuring the security of Bulgarian consumers after the changeover. "The Introduction of Euro into the Republic of Bulgaria Act will also be revised to give Bulgarians strong assurances that their savings, regardless of whether they are held with banks or not, will be guaranteed," Zhelyazkov emphasized.