Bulgaria Aims for Eurozone Entry on January 1, 2026, Pending Convergence Report

Bulgaria is taking steps to join the Eurozone, targeting January 1, 2026, as its entry date. The government will request extraordinary convergence reports from the European Central Bank and the European Commission after meeting the price stability criterion, as announced on February 24. Eurostat data confirmed Bulgaria's inflation rate aligns with the EU average. The government has also drafted a 2025 budget targeting a 3% deficit, meeting Maastricht criteria. Finance Minister Temenuzhka Petkova presented the draft budget to the Eurogroup, receiving a green light to request the convergence reports. The reports' outcome is expected before summer. While the 2025 budget faces criticism for potentially unrealistic revenue projections, Bulgaria's debt is projected to remain below 40% of GDP, adhering to Maastricht criteria. Parliament is set to vote on the draft budget on February 26, but faces potential obstruction. The Eurozone's expansion could strengthen the region's economic stability, but Bulgaria must overcome domestic political hurdles to meet its target entry date.