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DRAFT REPORT (COM(2025)0304 – C100110/2025 – 2025/0158(NLE))

On the proposal for a Council decision on the adoption by Bulgaria of the euro on 1 January 2026

ECON-PR-774298

Committee on Economic and Monetary Affairs · Rapporteur: Eva Maydell

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This draft report concerns the proposal for a Council decision on Bulgaria adopting the euro on 1 January 2026. Parliament approves the Commission proposal and recommends lifting the derogation.

Committee position. The rapporteur recommends that the derogation be lifted and Bulgaria adopts the euro on 1 January 2026.

Key points

  1. Parliament approves the Commission proposal for Bulgaria to adopt the euro on 1 January 2026.
  2. Calls on the Council to notify Parliament if it intends to depart from the approved text and to consult again if it intends substantial amendments.
  3. Bulgaria's national legislation is fully aligned with EU requirements, including central bank independence and prohibition of monetary financing.
  4. Average inflation in Bulgaria was 2.7% over 12 months to April 2025, below the reference value of 2.8%.
  5. Bulgaria's general government deficit was 3.0% of GDP in 2024, at the reference value, and debt was 24.1% of GDP, well below the 60% reference.
  6. The lev participated in ERM II without deviation from May 2023 to May 2025; further efforts are needed on anti-money laundering measures.
  7. Average long-term interest rate was 3.9% in the twelve months to April 2025, below the reference value of 5.1%.
  8. Bulgaria is well integrated with the euro area, but further actions are needed on rule of law, anti-corruption, and regulatory quality.
  9. The financial sector is stable, with participation in the banking union since 2020 and conservative macroprudential policy.
  10. Bulgaria's Recovery and Resilience Plan is supported by €5.7 billion in EU grants for 2021–2026, and cohesion funds of €10.7 billion for 2021–2027.

Who is affected

  • Bulgaria: would adopt the euro on 1 January 2026, ending its derogation status.
  • Bulgarian National Bank: its independence and compliance with EU rules are confirmed.

Figures and deadlines

  • 1 January 2026: date for Bulgaria's adoption of the euro.
  • 2.7%: Bulgaria's average inflation rate over 12 months to April 2025; reference value 2.8%.
  • 3.0% of GDP: Bulgaria's general government deficit in 2024; 24.1% debt-to-GDP ratio.
  • 3.9%: Bulgaria's average long-term interest rate in twelve months to April 2025; reference value 5.1%.
  • €5.7 billion: EU grants for Bulgaria's Recovery and Resilience Plan (2021–2026).
  • €10.7 billion: Cohesion policy funds for Bulgaria (2021–2027).

Legal basis: Article 140(2) of the Treaty on the Functioning of the European Union