Bulgaria has officially entered a phase of smooth and structured adoption of the euro, Prime Minister Rosen Zhelyazkov announced following the release of positive convergence reports by the European Commission (EC) and the European Central Bank (ECB). At a joint briefing with Finance Minister Temenuzhka Petkova and Bulgarian National Bank (BNB) Governor Dimitar Radev, Zhelyazkov stated that the country meets all the criteria required for joining the eurozone and is now set on a path toward finalizing one of its strategic goals.

Zhelyazkov described the achievement as a historic milestone that crowns decades of work, perseverance, and reforms. He noted that the road to eurozone accession has passed through multiple crises - financial, banking, debt-related, political, and health-related, including the COVID-19 pandemic - but Bulgaria remained steadfast. According to the Prime Minister, this success represents both the fulfilment of a generational dream and a recognition of Bulgaria's stability and readiness by European institutions.

He emphasized that the introduction of the euro will not be spontaneous but managed gradually and calmly, with a focus on transparency, predictability, and the prevention of speculation or abusive commercial practices. The Council of Ministers has already adopted a coordination mechanism aimed at monitoring all stages of the process. A draft memorandum with businesses and service providers has also been prepared to ensure a seamless transition.

Finance Minister Temenuzhka Petkova underscored that Bulgaria is prepared to adopt the euro from January 1, 2026. She outlined the upcoming key milestones, including meetings of the Eurogroup, ECOFIN, and the European Parliament, where final decisions are expected. She added that the Euro Adoption Act will soon be passed, detailing the legal and operational framework for the process. Petkova highlighted the anticipated economic and financial benefits for the country, describing the upcoming period as one of growth, stability, and improved living standards.

To ensure consumer protection, authorities will closely monitor prices, she said. The dual pricing mechanism, set to begin in July, will be a critical tool for preventing price manipulation and fostering public confidence in the changeover.

BNB Governor Dimitar Radev confirmed that Bulgaria meets all convergence criteria "sustainably and without exception." The BNB is now focused on three main areas: preparing for the official eurozone decision, transitioning its internal systems, and assisting the government in its public information campaign.

The European Commission and the ECB's reports clearly state that Bulgaria is ready to become the 21st member of the euro area. The country has met all four nominal convergence criteria, and its legislation is fully aligned with EU requirements. The reports also consider broader indicators such as the balance of payments and market integration, all pointing to a positive assessment.

The announcement was met with congratulations from European leaders. ECB Executive Board Member Philip R. Lane praised Bulgaria's consistent efforts. EC President Ursula von der Leyen called the euro a symbol of European unity and noted that Bulgaria is now closer to participating in key eurozone decisions. She outlined the benefits of euro adoption, including stronger trade, foreign investment, access to financing, and higher incomes.

Economy Commissioner Valdis Dombrovskis, drawing on Latvia's experience with euro adoption, said that the transition would be a national effort requiring strong coordination across institutions and sectors. He stressed the importance of clear communication to counter fear and misinformation, pointing out that price increases linked to the euro have historically been minimal. According to him, Bulgaria's transition is a wise investment in the country's long-term prosperity and security, especially in the current geopolitical climate.

Speaking to the Bulgarian National Radio, ?We Continue the Change? co-chair Asen Vassilev said the country has reached a moment of institutional equality with other European nations. He confirmed that banks, insurers, and even some municipalities have already adapted to the coming changes. From July, prices will be displayed in both leva and euros for at least six months after the transition to prevent confusion and abuse.

Vassilev acknowledged that while some may oppose the euro, a minority cannot halt Bulgaria's progress. He dismissed criticism that the government failed to inform the public adequately, pointing out that eurozone membership has been widely discussed for years. Institutions like the National Revenue Agency and the Competition Protection Commission have already started pre-emptive inspections of essential goods and services.

He added that irregularities can be reported directly by citizens, especially cases where pricing does not reflect the official exchange rate or involves cartel-like practices. Vassilev also warned that services may be more vulnerable to inconsistencies during the transition, but measures are in place to monitor the situation closely.

Politically, Vassilev confirmed that his party intends to submit a vote of no confidence in Prime Minister Zhelyazkov's government once the eurozone accession date is formally set by the European Council. He argued that Bulgaria's eurozone progress stems from the cumulative efforts of previous governments, not just the current administration. GERB leader Boyko Borissov responded by criticizing the opposition's stance, emphasizing that stability is crucial ahead of the eurozone shift, especially during a time when Bulgarians expect to feel tangible benefits from membership.

MEP Eva Maydell urged the public not to succumb to fear. ?We promised eurozone membership and we?re delivering,? she said. Fellow MEP Andrey Kovatchev echoed this, outlining the broad advantages - greater investment, reduced emigration, stronger competitiveness, and new opportunities in tourism and employment. With fewer obstacles and more trust from investors, Kovachev believes Bulgaria's economic position will improve significantly once it joins the eurozone.