European Union finance ministers in Brussels formally approved Bulgaria’s accession to the euro area on 8 July, adopting the three legal acts needed for the country to switch from the lev to the single currency on 1 January 2026. The decision sets an irrevocable conversion rate of 1 euro to 1.95583 lev, mirroring the central rate Bulgaria has maintained in the Exchange Rate Mechanism II. The Council vote followed a European Parliament resolution earlier the same day that passed by 531 votes to 69, confirming that Bulgaria meets all convergence criteria. The European Commission and the European Central Bank had each issued positive assessments in June. The move will make Bulgaria—the EU’s poorest member by GDP per capita—the 21st country to adopt the euro. Sofia joined the EU in 2007 and entered ERM II in 2020, but high inflation and political turbulence delayed the final step. Authorities now have less than six months to recalibrate payment systems, update legislation and run public-information campaigns. Bulgarian National Bank Governor Dimitar Radev said the mint in Sofia has already started striking national-side euro coins and is coordinating with the ECB to ensure a smooth changeover. Supporters expect lower borrowing costs and easier trade within the single market; opinion polls cited by the Commission show roughly half the population remains wary of the switch, fearing higher prices. With Bulgaria’s entry, only six of the EU’s 27 members—Sweden, Poland, Czech Republic, Hungary, Romania and Denmark—will remain outside the currency bloc.