The European Central Bank has published a Convergence Report on Bulgaria, concluding that the country is within the reference values of the convergence criteria and complies with the legal requirements, supporting possible adoption of the euro from 1 January 2026. On price stability, Bulgaria’s 12-month average Harmonised Index of Consumer Prices inflation was 2.7% in April 2025, just below the 2.8% reference value. For public finances, the general government deficit was 3.0% of GDP in 2024 and general government gross debt was 24.1% of GDP. The Bulgarian lev participated in ERM II over the two-year reference period from 20 May 2023 to 19 May 2025 without deviation from the central rate of 1.95583 levs per euro, although the report notes further progress is needed to address outstanding shortcomings in anti-money laundering and countering the financing of terrorism. Long-term interest rates averaged 3.9% from May 2024 to April 2025, below the 5.1% reference value, and Bulgarian legislation is assessed as compatible with the Treaties and the Statute of the European System of Central Banks under Article 131. The report was published following Bulgaria’s request; the next regular ECB Convergence Report is scheduled for 2026.
European Central Bank 2025-06-04
European Central Bank issues positive convergence assessment for Bulgaria ahead of possible euro adoption on 1 January 2026
The European Central Bank's Convergence Report on Bulgaria confirms the country's compliance with convergence criteria and legal requirements, supporting potential euro adoption from 1 January 2026. Bulgaria's inflation, government deficit, and debt levels are within reference values, and the lev remained stable in ERM II. However, improvements are needed in anti-money laundering and counter-terrorism financing measures.