site.btaFinance Minister Petkova Sees Eurozone Entry Driving Bulgaria’s Growth

Membership of the euro area would propel Bulgaria into a completely new orbit, bringing economic growth and financial and economic stability, Finance Minister Temenuzhka Petkova said Wednesday during a briefing at the Council of Ministers.

Petkova made these comments in connection with the favourable convergence reports from the European Commission and the European Central Bank concerning Bulgaria’s accession to the euro area.

Following the positive convergence reports, Bulgaria is set to achieve one of its strategic goals, namely membership of the euro area. The government is ready to introduce the euro from January 1, 2026, Petkova said. Preparations for the process have been under way for a long time. After the positive conclusions in the convergence reports, several important steps remain. In June, a Eurogroup meeting is scheduled, to be followed by an ECOFIN meeting where the convergence reports will be reviewed.

Subsequently, there will be a European Council meeting, which will complete this phase of the process by June, Petkova explained. She said the European Parliament is expected to adopt a decision related to Bulgaria’s accession to the euro area in July, followed by another meeting of the Eurogroup and the Council of ECOFIN. This will finalize the process, and a decision will be made for Bulgaria to adopt the euro from January 1, 2026, Petkova added.

She said the Introduction of the Euro in Bulgaria Act clearly outlines all the steps and processes Bulgaria must follow to implement the euro and complete the process. One month after the Council’s decision, a period of dual price display in both BGN and EUR begins. This period will continue until December 31, 2026, Petkova noted.

She said it is essential to secure constant monitoring related to pricing, so Bulgarian citizens and businesses can be confident unjustified price increases will not be allowed during this period. The Ministry of Finance published guidance on its website for municipalities and regional governors to enable them to align their actions with the introduction of the euro as quickly as possible, Petkova said.

Guidance for businesses has also been issued regarding accounting for the adoption of the euro and the preparation of annual financial statements. An information campaign related to the introduction of the euro is also under way and will intensify, the minister said. She added that control is a particularly important topic. The National Revenue Agency, the Commission for Consumer Protection and the Commission on Protection of Competition, within their powers, have already started oversight of prices of goods and services to prevent any attempts at unjustified increases, even now before the dual price display period has started.

This is crucial to ensure citizens feel secure and that the transition to the euro will be smooth and without disruption. The government is ready for the process and I am confident the euro will be adopted successfully in Bulgaria, which will bring only clear and undeniable benefits, Petkova said.