This currency could disappear in 2026... or not

The debate is open among Bulgaria's political circles and the general public. Their country now meets the conditions for entering the Eurozone. In theory, this country could give up the lev for the euro as early as 2026.

There are currently 20 countries in the Eurozone, since Croatia joined in 2023. A 21st country could join the single currency on 1 January 2026: Bulgaria. In fact, the European Commission has found that this country fulfils the conditions for Eurozone membership. Bulgaria joined the EU in 2007. To this day, it remains the poorest country in the single market. Nevertheless, both the Commission and the European Central Bank believe that it can switch to the euro and give up the lev. This national currency is already pegged to the euro in terms of exchange rate.

Rising prices

The formal decision will still have to wait for the meeting of EU Finance Ministers on 8 July 2025 to ratify the possibility of accession. But there also needs to be a willingness from Bulgaria. Indeed, a significant portion of the population is sceptical. The debate is intense. Even within the political class, entry into the Eurozone is not unanimously supported despite promises of competitiveness and protection against economic crises. There is particular fear of inflation, as noticed for example in Croatia shortly after its accession [a consequence of the war in Ukraine, according to Croatian authorities].

(MH with Olivier Duquesne – Sources: Le Soir & RFI – Picture: © picture alliance / Zoonar | Janusz Pienkowski)