Meet the Eurozone's newest child
23 April 2025
Three years after welcoming Croatia, the Eurozone may soon gain another Balkan member: Bulgaria, which wants to adopt the euro in January 2026.
It's been a long ride getting here: Bulgaria first applied in 2020, but years of political instability, including seven (7!) elections since the pandemic, delayed its accession. In January, newly elected prime minister Rosen Zhelyazkov prioritised the Eurozone bid and submitted the official request to Brussels.
Yet many Bulgarians remain wary. Populist pro-Russian party Revival has staged protests, warning of "lost sovereignty." Fears of inflation loom large, with many pointing to Croatia, where wages lag behind rising prices since adopting the euro. Trust in institutions remains low after years of crisis.
However, joining the euro should benefit Bulgaria: lower interest rates via the European Central Bank and a more stable currency than the leva. Bulgaria hopes this will boost foreign investment and tourism – key for one of the EU's poorest and most emigration-hit countries.
Meanwhile, this expands European integration in the Balkans, adding another country, inhabited by 6.9 million people, to the euro. The EU wants to expand in the Balkans due to its geopolitical position, although it still stops short of admitting Western Balkan countries to the bloc.
 | Kai E. Iliev |
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