On June 4, 2025, the European Commission and the European Central Bank each published convergence reports approving Bulgaria’s capacity to adopt the euro. This was in response to Bulgaria’s request for a convergence assessment on February 25, 2025. The reports indicate that Bulgaria could adopt the euro as early as January 1, 2026. While this is a significant step forward, multiple steps remain before Bulgaria officially joins the Eurozone. These remaining steps include the drafting and approval of the recommendation for Bulgaria’s accession, deciding the fixed exchange rate between the Bulgarian lev and the euro, and a majority vote in favor by the European Parliament and Economic and Financial Affairs Council.
Bulgaria’s Push to Adopt the Euro Takes Another Step Forward
Ariel McCullough
July 10, 2025
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Ariel McCullough
Ariel McCullough Gomez is a Junior Regulatory Counsel in the Regulatory Analysis & Design Department at Sovos where she focuses on international VAT and GST issues. Ariel holds a Bachelor’s degree in International Relations from the University of Cincinnati and a J.D. from the University of Cincinnati School of Law. Ariel is a member of the Ohio Bar.
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