Bulgaria and the euro

When it joined the European Union in 2007, Bulgaria committed to switching its currency, the lev, to the euro, as stated in the 2005 EU accession treaty. The transition will occur once the country meets all the euro convergence criteria; currently, Bulgaria is only failing to fulfill a single criterion – price stability (i.e. inflation). As the lev was fixed to the Deutsche Mark at par, the lev's peg effectively switched to the euro on 1 January 1999, at the rate of 1.95583 levs = 1 euro, which was the Deutsche Mark's fixed exchange rate to the euro.{{cite web |title=Prof. Dr. Ivan Angelov: Bulgaria needs a managed floating exchange rate |url=http://www.iki.bas.bg/english/CVita/angelov/No104e.htm |access-date=12 January 2009}}

Before the Bulgarian euro coins had been designed, the Madara Rider had already been selected as the motif on the obverse ("national" side) of the coins. Two Bulgarian saints, Ivan Rilski and Paisius of Hilendar, will also be depicted on the Bulgarian euro coins. In this way, Bulgaria will become the first Orthodox country to have a Christian character on its Euro coins.{{Cite web |last=Gotev |first=Georgi |date=2024-02-13 |title=Bulgaria proposes Christian symbols to feature prominently on its euro coins |url=https://www.euractiv.com/section/languages-culture/news/bulgaria-proposes-christian-symbols-to-feature-prominently-on-its-euro-coins/ |access-date=2024-06-16 |website=Euractiv |language=en-GB}} Bulgaria officially joined the European Exchange Rate Mechanism (ERM II) on 10 July 2020.{{cite web |date=10 July 2020 |title=Official: Bulgaria and Croatia Join the ERM II Exchange Rate Mechanism |url=https://www.novinite.com/articles/205237/ |access-date=11 July 2020 |publisher=Sofia News Agency Novinite}}{{cite web |date=10 July 2020 |title=Bulgaria, Croatia take vital step to joining euro |url=https://www.reuters.com/article/us-eurozone-economy-croatia-bulgaria/bulgaria-croatia-take-vital-step-to-joining-euro-idUSKBN24B2JM |publisher=Reuters}} Bulgarian government and central bank officials adopted a draft national plan for euro adoption on 30 June 2021,{{Cite web |date=30 June 2021 |title=The draft National Plan for the Introduction of the Euro in the Republic of Bulgaria has been prepared in time |url=https://www.minfin.bg/en/news/11406 |access-date=14 August 2021 |publisher=Ministry of Finance}} after stating that same day Bulgaria's intention to adopt the euro on 1 January 2024.{{Cite news |author=Staff |date=30 June 2021 |title=Bulgaria sticks to plans to adopt the euro from Jan 1, 2024 |language=en |work=Reuters |url=https://www.reuters.com/article/bulgaria-eurozone/bulgaria-sticks-to-plans-to-adopt-the-euro-from-jan-1-2024-idUSL2N2OC1PM |access-date=14 August 2021}} In May 2022, the government adopted a more definitive version of its euro introduction plan, reaffirming the country's commitment to adopt the euro on the target date.{{Cite news |date=27 May 2022 |title=Bulgaria sticks to plan to adopt the euro in 2024 amid coalition squabbles |publisher=Reuters |url=https://www.reuters.com/markets/europe/bulgaria-sticks-plan-adopt-euro-2024-amid-coalition-squabbles-2022-05-27/ |access-date=30 May 2022}} On 21 February 2023, Bulgaria scrapped the idea of adopting the single currency on 1 January 2024 due to an internal political crisis.{{Cite web |title=Bulgaria scraps January 2024 target for adopting euro |url=https://www.milletnews.com/balkans/bulgaria-scraps-january-2024-target-for-adopting-euro |access-date=2023-02-21 |website=Millet News |language=en}}

The Maastricht Treaty, which Bulgaria acceded to by way of its EU accession treaty, requires that all European Union member states join the euro once certain economic criteria are met.

In November 2007, Bulgarian Finance Minister Plamen Oresharski stated that his goal was to comply with all five convergence criteria by 2009 and adopt the euro in 2012.{{Cite news |url=http://www.sofiaecho.com/article/bulgarias-budget-of-reform/id_26395/catid_23 |title= Bulgaria's budget of reform |publisher=The Sofia Echo |date=30 November 2007 |access-date=3 January 2008}} But Bulgaria did not comply with the requirement to be an ERM II member for at least two years, nor did it satisfy the price stability criterion in 2008. Bulgaria's inflation in the 12 months from April 2007 to March 2008 reached 9.4%, well above the reference value limit of 3.2%.

However, Bulgaria fulfilled the state budget criterion of only having a maximum deficit of 3% of the country's gross domestic product (GDP). The country had posted surpluses since 2003, which in 2007 represented 3.4% of its GDP (at the time, the EC forecast that it would remain at 3.2% of GDP in both 2008 and 2009). Bulgaria also complied with the public debt criteria. During the prior decade, the Bulgarian debt had declined from 50% of GDP to 18% in 2007, and was expected to reach 11% in 2009.{{cite web|url=http://www.sofiaecho.com/article/first-check-against-euro-zone-criteria/id_29318/catid_23|title=First check against euro zone criteria|publisher=The Sofia Echo|access-date=17 May 2008}} Finally, the average for the long-term interest rate during the prior year was 4.7% in March 2008, well within the reference limit of 6.5%.{{Cite web |url=http://www.sofiaecho.com/article/first-check-against-euro-zone-criteria/id_29318/catid_23 |title=The Sofia Echo |access-date=17 May 2008}}

A 2008 analysis said that Bulgaria would not be able to join the eurozone earlier than 2015 due to high inflation and the repercussions of the 2008 financial crisis.{{Cite web |title=Bulgaria's Eurozone accession drifts away |url=http://www.focus-fen.net/index.php?id=n160657 |access-date=25 November 2008 |archive-date=1 February 2009 |archive-url=https://web.archive.org/web/20090201011140/http://www.focus-fen.net/index.php?id=n160657 |url-status=dead }} Some members of Bulgarian government, notably economy minister Petar Dimitrov, speculated about unilaterally introducing the euro, which was not well received by the European Commission.{{cite web|url=http://evropa.dnevnik.bg/show/?storyid=595094|archive-url=https://web.archive.org/web/20081206141402/http://evropa.dnevnik.bg/show/?storyid=595094|url-status=dead|archive-date=6 December 2008|title=ЕК: Не приемаме никакви едностранни решения за въвеждане на еврото}}

Bulgaria met four out of the five criteria in the last convergence report published by the European Central Bank in June 2024.

The Bulgarian lev has been pegged to the euro since the latter was launched in 1999, at a fixed rate of €1 = BGN 1.95583, through a strictly managed currency board. Prior to that, the lev was pegged on par to the German Mark. While the currency board which pegs Bulgaria to the euro has been seen as beneficial to the country fulfilling criteria so quickly,{{Cite web |url=http://www.sofiaecho.com/article/bulgaria-could-join-euro-zone-ahead-of-other-eu-countries/id_12411/catid_38 |title=Bulgaria could join euro zone ahead of other EU countries |access-date=5 November 2014 |archive-date=29 September 2007 |archive-url=https://web.archive.org/web/20070929095625/http://www.sofiaecho.com/article/bulgaria-could-join-euro-zone-ahead-of-other-eu-countries/id_12411/catid_38 |url-status=dead }} the ECB has pressured Bulgaria to drop it as it did not know how to let a country using a currency board join the euro. The Bulgarian Prime Minister has stated the desire to keep the currency board until the euro was adopted. However, factors such as a high inflation, an unrealistic exchange rate with the euro and the country's low productivity are negatively affected by the system.{{Cite web|url=http://www.sofiaecho.com/article/eu-said-to-pressure-bulgaria-into-discontinuing-currency-board/id_26834/catid_66|title= said to pressure Bulgaria into discontinuing currency board.}}

Simeon Dyankov, Bulgaria's then-finance minister, said in September 2009 that Bulgaria planned to enter ERM II in November,{{Cite web|author=Dnevnik.bg |url=http://www.sofiaecho.com/2009/09/17/785946_bulgaria-to-seek-eurozone-entry-within-gerbs-term-finance-minister |title=Bulgaria to seek eurozone entry within GERB's term – Finance Minister |work=The Sofia Echo |date=17 September 2009 |access-date=26 April 2011}}{{Cite web|url=https://www.novinite.com/articles/107615/Bulgaria+Finance+Minister+Takes+ERM+2+Application+to+Brussels+Next+Week|title=Bulgaria Finance Minister Takes ERM 2 Application to Brussels Next Week – Novinite.com – Sofia News Agency|website=novinite.com}}{{Cite web|url=https://www.novinite.com/articles/107685/IMF+Mission+to+Audit+Bulgaria%27s+Fiscal+Plans+2009-10|title=IMF Mission to Audit Bulgaria's Fiscal Plans 2009–10|website=Novinite.com – Sofia News Agency}} but this was delayed. It was then delayed further due to an increased budget deficit, outside the Maastricht criteria.{{Cite web|url=http://sofiaecho.com/2010/04/09/885072_bulgaria-drops-goal-of-erm2-entry-in-2010 |title=Bulgaria drops goal of ERM2 entry in 2010 |work=The Sofia Echo |date=9 April 2010 |access-date=3 May 2010}}{{Cite web|url=http://www.eubusiness.com/news-eu/bulgaria-economy.423/ |title=Bulgaria delays eurozone application as deficit soars |publisher=Eubusiness.com |date=9 April 2010 |access-date=31 July 2010}} From 2011 to 2020, Bulgaria's non-membership of the ERM II was the primary factor that prevented euro membership, as Bulgaria met the other criteria for euro adoption. In July 2011, Dyankov stated that the government would not adopt the euro as long as the European sovereign-debt crisis was ongoing.{{cite web|url=http://bnr.bg/sites/en/Lifestyle/BGEU/Pages/2607BulgariaputsoffEurozonemembershipfor2015.aspx |title=Bulgaria puts off Eurozone membership for 2015 |publisher=Radio Bulgaria |date=26 July 2011 |access-date=2 September 2012 |url-status=dead |archive-url=https://web.archive.org/web/20120329104921/http://bnr.bg/sites/en/Lifestyle/BGEU/Pages/2607BulgariaputsoffEurozonemembershipfor2015.aspx |archive-date=29 March 2012 }}{{cite web|url=http://euobserver.com/economic/117415|title=Bulgaria shelves euro membership plans|publisher=EUobserver.com|date=4 September 2012|access-date=15 December 2012}}{{cite web|url=https://www.bloomberg.com/news/2014-01-15/bulgaria-sees-euro-recovery-to-boost-growth-quickly-kostov-says.html|title=Bulgaria Sees Euro Recovery to Boost Growth Quickly, Kostov Says|publisher=Bloomberg L.P.|date=15 January 2014}} In 2011, Bulgaria's Minister of Finance Simeon Djankov stated that adoption of the euro would be postponed until the end of the eurozone crisis.

In January 2015, then-Finance Minister Vladislav Goranov (under Prime Minister Boyko Borisov) changed approaches and said that it was possible for Bulgaria to join ERM II before the end of 2018. Goranov said he would immediately begin talks with the Eurogroup to establish a plan for joining ERM II.{{cite web|url=http://www.euractiv.com/sections/euro-finance/bulgaria-says-it-will-start-talks-join-euro-311331|title=Bulgaria says it will start talks to join the euro|work=EurActiv | EU News & policy debates, across languages |publisher=Euractiv|date=16 January 2015 |author1=Georgi }} In July 2015, the Bulgarian government established a coordination council to prepare the country for eurozone membership.{{cite web|url=https://dv.parliament.bg/DVWeb/showMaterialDV.jsp?idMat=95722|title=Постановление № 168 от 3 юли 2015 г. за създаване на Координационен съвет за подготовка на Република България за членство в еврозоната|trans-title=Decree No. 168 of July 3, 2015 on the establishment of a Coordination Council for the preparation of the Republic of Bulgaria for membership in the Eurozone|language=bg|publisher=Държавен вестник (State Gazette)|author=Bulgarian Government|date=3 July 2015}} The coordination council was to draft a plan for the introduction of the euro, propose a target date, and organise the preparation and coordination of the expert working groups.{{Cite web|title = Bulgaria creates council for preparation for euro zone membership|url = http://sofiaglobe.com/2015/07/01/bulgaria-creates-council-for-preparation-for-euro-zone-membership/|website = The Sofia Globe|date=1 July 2015}}

This approach was supported by former Bulgarian National Bank governor Kolyo Paramov, who had been in office when the state currency board was established. Paramov argued that adoption would "trigger a number of positive economic effects":

• Sufficient money supply (leading to increased lending, which is needed to improve economic growth)
• Getting rid of the currency board that prevents the national bank from functioning as a lender of last resort to rescue banks in financial trouble
• Private and public lending benefiting from lower interest rates (at least half as high){{cite web|url=http://www.novinite.com/articles/166023/Joining+Euro+to+Have+Positive+Impact+on+Bulgaria's+Economy+-+Experts|title=Joining Euro to Have Positive Impact on Bulgaria's Economy – Experts |publisher=Sofia News Agency (Novinite)|date=19 January 2015}}

Former Bulgarian National Bank deputy governor Ethera Harsev agreed with Paramov, stating that it was possible to adopt the euro in 2018 and that "Bulgaria's membership in the eurozone will bring only positive effect on the economy" because "since [the establishment of] the currency board in 1997, we have been accepting all the negative effects of accession into the eurozone without getting the positive ones (access to the European financial market)".{{cite web|url=http://www.focus-fen.net/news/2015/01/21/360841/euro-adoption-to-have-only-positive-effect-on-bulgaria-expert.html|title=Euro adoption to have only positive effect on Bulgaria: expert|publisher=Focus News Agency|date=21 January 2015|url-status=dead|access-date=23 January 2015|archive-url=https://web.archive.org/web/20150123140956/http://www.focus-fen.net/news/2015/01/21/360841/euro-adoption-to-have-only-positive-effect-on-bulgaria-expert.html|archive-date=23 January 2015}}

Following the reelection of Borisov's government in 2017, he declared his intention apply to join ERM II,{{cite web|url=http://sofiaglobe.com/2017/03/31/gerb-leader-borissov-bulgaria-will-apply-to-join-euro-zone/|title=GERB leader Borissov: Bulgaria will apply to join euro zone|date=31 March 2017|access-date=6 April 2017|publisher=Sofia Globe}} but Goranov elaborated that the government would only seek to join once the eurozone states were ready to approve the application, and that he expected to have clarity on the matter by the end of 2017.{{cite web|url=http://www.financialobserver.eu/recent-news/bulgaria-to-know-its-chances-for-erm-ii-accession-by-end-2017/|title=Bulgaria to know its chances for ERM-II accession by end-2017|date=3 July 2017|access-date=4 July 2017|publisher=Central European Financial Observer}} On taking the presidency of the EU Council in January 2018, Borisov indicated no clarification had been given but announced he was going to pursue applications for both ERM II and Schengen by July 2018 regardless.[https://euobserver.com/news/140517 Bulgaria to take first steps towards euro], EUOBSERVER 11 January 2018[https://www.euractiv.com/section/economy-jobs/news/bulgaria-expects-to-apply-for-eurozone-waiting-room-by-july/ Bulgaria expects to apply for eurozone waiting room by July], EURACTIV 11 January 2018{{cite web |url=https://www.reuters.com/article/bulgaria-eurozone/update-2-defiant-bulgaria-to-push-for-erm-2-membership-idUSL8N1P625A |title=Defiant Bulgaria to push for ERM-2 membership |publisher=Reuters|date=11 January 2018 |access-date=11 July 2020}}[http://www.euronews.com/2018/01/11/bulgaria-renews-calls-for-euro-as-it-takes-on-eu-presidency Bulgaria renews calls for euro as it takes on EU presidency], Euronews 11 January 2018 Bulgaria sent a letter to the Eurogroup in July 2018 expressing its desire to join ERM II and committing to enter into a "close cooperation" agreement with the European banking union.{{cite web |url=https://www.consilium.europa.eu/media/36111/letter-by-bulgaria-on-erm-ii-participation.pdf |title=Letter by Bulgaria on ERM II participation |publisher=Council of the European Union |date=29 June 2018 |access-date=11 July 2020}}{{Cite news|url=http://www.consilium.europa.eu/en/press/press-releases/2018/07/12/statement-on-bulgaria-s-path-towards-erm-ii-participation |title=Statement on Bulgaria's path towards ERM II participation|access-date=12 July 2018}}

In January 2019, Goranov said he hoped that Bulgaria could join the ERM II mechanism in July and introduce the euro on 1 January 2022.{{Cite news |url=https://www.reuters.com/article/us-bulgaria-eurozone/bulgaria-could-join-the-euro-early-in-2022-finance-minister-idUSKCN1PM1SA |title=Bulgaria could join the euro early in 2022: finance minister |author=Tsvetelia Tsolova, Catherine Evans |work=Reuters|date=28 January 2019 |access-date=23 May 2019}} However, the first deadline was deferred to July 2019 due to extra conditions requested by eurozone governments, namely that Bulgaria:[https://www.ft.com/content/4b622248-8609-11e8-a29d-73e3d454535d Bulgaria agrees to conditions for joining euro], Financial Times 12 July 2018

• Join the European banking union at the same time as ERM II (meaning Bulgaria's banks must first pass stress-tests)
• Reinforce supervision of the non-bank financial sector and fully implement EU anti money-laundering rules
• Thoroughly implement the reforms of the Mechanism for Cooperation and Verification (CVM)

While the CVM reforms are mentioned, and progress in judicial reform and organised crime is expected, leaving the CVM is not a precondition.

As of October 2019, Goranov's target was to enter the ERM II by April 2020.{{cite web|url=https://business.financialpost.com/pmn/business-pmn/bulgaria-hopes-to-join-euro-zone-waiting-room-by-end-of-april-minister|title=Bulgaria hopes to join euro zone 'waiting room' by end of April -minister|date=30 October 2019|access-date=1 November 2019|newspaper=Financial Post}} In January 2020, IMF Managing Director Kristalina Georgieva said that it was possible for Bulgaria to join ERM II later in 2020 and adopt the euro in 2023.{{Cite news|url=https://www.reuters.com/article/us-bulgaria-eurozone-imf-idUSKBN1ZP0F5|title=Bulgaria on path to adopt euro in 2023: IMF's Georgieva|date=26 January 2020|work=Reuters|access-date=22 April 2020|language=en}} Borisov stated in February 2020 that Bulgaria's application would be reviewed in July.{{cite web|url=https://www.reuters.com/article/bulgaria-eurozone/bulgaria-sees-july-decision-on-entering-euro-waiting-room-idUSL8N2AL4HF|title=Bulgaria sees July decision on entering euro "waiting room"|date=21 February 2020|access-date=10 April 2020|publisher=Reuters}} In March, the Bulgarian central bank said that this target was no longer realistic due to the ongoing COVID-19 pandemic.{{cite web|url=https://www.bloomberg.com/news/articles/2020-03-30/bulgaria-delays-its-euro-path-plan-by-year-on-coronavirus-crisis|title=Bulgaria's Euro Accession Dream Stumbles as Virus Spreads|date=30 March 2020|access-date=3 April 2020|publisher=Bloomberg L.P.}} However, in April Borisov stated that he would push forward the application by the end of April.{{cite web|url=https://www.reuters.com/article/bulgaria-eurozone/update-1-bulgaria-to-apply-to-join-euro-zones-waiting-room-by-end-april-idUSL5N2BY1B4|title=UPDATE 1-Bulgaria to apply to join euro zone's 'waiting room' by end April|date=10 April 2020|access-date=10 April 2020|publisher=Reuters}} The reason he gave for this U-turn was the 500 billion euros rescue package to deal with the economic fallout of the coronavirus pandemic, which the finance ministers of the Eurogroup had agreed upon on 10 April.{{Cite web|url=https://emerging-europe.com/voices/never-let-a-good-crisis-go-to-waste-or-why-bulgaria-is-speeding-its-way-to-the-euro/|title=Never let a good crisis go to waste (or why Bulgaria is speeding its way to the euro)|last=Georgiev|first=Yasen|date=20 April 2020|website=Emerging Europe|access-date=21 April 2020}} On 24 April, Fitch Ratings announced that they would probably upgrade Bulgaria's foreign currency issuer default ratings (IDR) between Bulgaria's accession to ERM II and euro adoption:

"… Given that the COVID-19 pandemic response is taking up significant resources with regard to political engagement at the EU-wide level, facilitating the Bulgarian lev's ERM2 accession may decline as a relative priority for European institutions. If concerns about risks ease and the process resumes, this would be supportive of the rating, as underlined by our view that all things being equal, we would upgrade Bulgaria's Long-Term Foreign-Currency IDR by two notches between admission to the ERM II and joining the euro."{{Cite web|url=https://www.fitchratings.com/research/sovereigns/fitch-revises-bulgaria-outlook-to-stable-affirms-at-bbb-24-04-2020|title=Fitch Revises Bulgaria's Outlook to Stable; Affirms at 'BBB'|website=fitchratings.com|access-date=25 April 2020}}

On 30 April 2020, Bulgaria officially submitted documents to the European Central Bank to apply to join ERM II, the first step to introducing the euro.{{cite web |url=https://www.novinite.com/articles/204324/ |title=Bulgaria has Officially Applied for the Eurozone |publisher=Sofia News Agency Novinite |date=30 April 2020 |access-date=11 July 2020}} On 12 May, European Commission Executive Vice President Valdis Dombrovskis stated that Bulgaria could join ERM II together with Croatia in July,{{Cite web|title=Bulgaria is in ERM II from 10 July 2020– Dombrovskis|url=https://seenews.com/news/bulgaria-could-join-erm-ii-in-july-dombrovskis-698584|date=12 May 2020|website=SeeNews}} which both countries did on 10 July.{{Cite web|title=Commission welcomes Bulgaria and Croatia's entry into the Exchange Rate Mechanism II|url=https://ec.europa.eu/commission/presscorner/detail/en/IP_20_1321 |date=10 July 2020}}

As per the ECB decision adopted on 24 June 2020, Bulgaria and its national bank became member of the European banking union via a close cooperation agreement entering into force on 1 October 2020.{{Cite web |url=https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32020D1015 |format=PDF |title=DECISION (EU) 2020/1015 OF THE EUROPEAN CENTRAL BANK of 24 June 2020 on the establishment of close cooperation between the European Central Bank and Българска народна банка (Bulgarian National Bank) (ECB/2020/30) |website=eur-lex.europa.eu |access-date=14 July 2020 |archive-date=13 February 2021 |archive-url=https://web.archive.org/web/20210213091017/https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX%3A32020D1015 |url-status=live }}{{cite journal|title=ECB establishes close cooperation with Bulgaria's central bank|url=https://www.bankingsupervision.europa.eu/press/pr/date/2020/html/ssm.pr200710~ae2abe1f23.en.html|access-date=2020-07-21|website=European Central Bank - Banking Supervision|date=10 July 2020 |language=en|archive-date=10 July 2020|archive-url=https://web.archive.org/web/20200710171512/https://www.bankingsupervision.europa.eu/press/pr/date/2020/html/ssm.pr200710~ae2abe1f23.en.html|url-status=live}}

Bulgaria is in the process of joining the eurozone. In February 2023, Finance Minister Rositsa Velkova announced that Bulgaria's target date for entry into the eurozone would be delayed from 1 January 2024 to 1 January 2025, primarily due to the projected inflation not meeting the inflation criterion in time.{{cite news | url = https://www.euractiv.com/section/economy-jobs/news/bulgaria-gives-up-its-goal-to-join-eurozone-in-2024/ | title = Bulgaria gives up its goal to join eurozone in 2024 |publisher=Euractiv| date = 17 February 2023 | access-date = 18 February 2023 }}{{Cite web|url=https://www.rferl.org/a/bulgaria-euro-adoption-postponement-eu-velkova/32284284.html|title=EU Echoes Inflation Fears Behind Bulgarian Delay In Joining Eurozone|publisher=Radio Free Europe Radio Liberty|date=23 February 2023|access-date=27 March 2024}} In April 2023, enough signatures had been collected to put the entry to a referendum.{{cite web | url=https://www.intellinews.com/bulgaria-s-far-right-vazrazhdane-gathers-590-000-signatures-for-referendum-on-delaying-euro-adoption-275387/ | title=Bulgaria's far-right Vazrazhdane gathers 590,000 signatures for referendum on delaying euro adoption | date=10 April 2023 }} However, in June 2023 the referendum was rejected by Bulgaria's parliament with 98 votes against, 46 abstentions and 68 votes in favour.{{Cite web |date=2023-07-07 |title=Bulgaria's Parliament rejects holding referendum on retaining the lev as sole currency |url=https://sofiaglobe.com/2023/07/07/bulgarias-parliament-rejects-holding-referendum-on-retaining-the-lev-as-sole-currency/ |access-date=2023-07-09 |website=The Sofia Globe |language=en-US}}{{Cite web |date=2023-06-30 |title=Bulgarian parliament, euro referendum debate, boycotted by main parties |url=https://www.euractiv.com/section/politics/news/bulgarian-parliament-euro-referendum-debate-boycotted-by-main-parties/ |access-date=2023-07-09 |website=Euractiv |language=en-GB}} On 26 July 2023, the newly formed Bulgarian government adopted a programme which stated that the switch to the euro in January 2025 is one of the main government priorities.{{cite web | url=https://intellinews.com/bulgaria-s-government-sets-new-target-dates-for-schengen-and-eurozone-entry-285681/ | title=Bulgaria's government sets new target dates for Schengen and Eurozone entry | date=26 July 2023 }} In November 2023, the Bulgarian euro coin design was revealed and approved by the Bulgarian National Bank.{{Cite web |title=The design of future Bulgarian euro coins has been approved |url=https://bnr.bg/en/post/101909237/the-design-of-future-bulgarian-euro-coins-has-been-approved |access-date=27 January 2024 |website=Radio Bulgaria}}

In order to ensure full compliance with the legal criteria for euro adoption, the Bulgarian Parliament approved the necessary legislation on the Bulgarian National Bank (BNB) on 1 February 2024.{{cite web |date=12 February 2024 |title=Press release (12 February 2024) |url=https://bnb.bg/AboutUs/PressOffice/POPressReleases/POPRDate/PR_20240212_EN |access-date=18 February 2024 |publisher=Bulgarian National Bank}}{{cite web|url=https://www.bnb.bg/bnbweb/groups/public/documents/bnb_law/laws_bnb_new_bg.pdf|title=Law for the Bulgarian National Bank (Adopted by the 49th National Assembly on February 1, 2024, promulgated in "State Gazette", no. 13 of February 13, 2024)|language=Bulgarian|date=13 February 2024|access-date=18 February 2024}} However, according to the assessment of the President of BNB, Dimitar Radev, the recently adopted constitutional revision (making it possible for the President or Vice President of BNB to be appointed as a temporary caretaker Prime Minister in case of failed attempts to form regular governments), and the recently adopted revision to the law on the BNB (making it possible for such a caretaker Prime Minister to resume his work and role at BNB after having completed his tenure as temporary caretaker Prime Minister), were both unlikely to meet ECB's convergence criteria for legal compliance. The ECB was not consulted on this specific change to the Bulgarian law, but were expected to reveal its assessment on this potential issue in its upcoming convergence report scheduled for publication in June 2024.{{Cite web|url=https://www.bta.bg/en/news/bulgaria/647540-european-central-bank-not-consulted-about-bulgarian-national-bank-act-amendments|title=European Central Bank Not Consulted about Bulgarian National Bank Act Amendments|author=Spas Stambolski|publisher=Bulgarian News Agency|date=4 April 2024|access-date=4 April 2024}}

On 20 January 2024, Bulgarian Prime Minister Nikolai Denkov said in an interview that Bulgaria might be forced to delay its adoption of the euro to 1 July 2025 if the inflation criterion is not met in time, although the current target date of 1 January 2025 remained unchanged.{{Cite web|url=https://www.euractiv.com/section/politics/news/bulgaria-has-real-chance-of-entering-eurozone-in-2025/|title=Bulgaria has real chance of entering eurozone in 2025|author=Krassen Nikolov|publisher=Euractiv|date=26 February 2024|access-date=15 March 2024}}{{Cite web |title=Денков: Целта на България е влизане в еврозоната на 1 януари 2025 година|trans-title=Denkov: Bulgaria's goal is to enter the Eurozone on 1 January 2025|url=https://manager.bg/%D0%BF%D0%BE%D0%BB%D0%B8%D1%82%D0%B8%D0%BA%D0%B0/denkov-celta-na-balgaria-e-vlizane-v-evrozonata-na-1-anuari-2025-godina |date=20 January 2024|access-date=24 January 2024|website=Manager.bg |language=bg}} Finance Minister Asen Vasilev believed Bulgaria was on track for euro adoption at some point in time in 2025, as the last inflation criteria was projected to be met between June and September 2024,{{Cite web|url=https://www.bta.bg/en/news/economy/636153-finance-minister-says-taxes-will-not-increase|title=Finance Minister Says Taxes Will Not Increase|publisher=Bulgarian News Agency|author=Diana Dukovska|date=15 March 2024|access-date=22 March 2024}} and the revised Bulgarian euro adoption law was expected to be approved by the ECB shortly.{{cite web|url=https://bnr.bg/en/post/101953932/finance-minister-assen-vassilev-believes-bulgaria-will-be-able-to-adopt-the-euro-in-2025-at-3-inflation|title=Finance Minister Assen Vassilev believes Bulgaria will be able to adopt the euro in 2025 at 3% inflation|publisher=Radio Bulgaria|date=24 February 2024|access-date=1 March 2024}}

The euro adoption law was launched as a draft law for public consultation from 25 March to 24 April,{{Cite web|url=https://www.minfin.bg/bg/legislation7/513|title=Draft Law on the introduction of the euro in the Republic of Bulgaria|website=Republic of Bulgaria Ministry of Finance|date=25 March 2024|access-date=27 March 2024}} and subsequently will be subject to approval by the Bulgarian Parliament; the European Commission — although not yet ECB — had already approved the published version as of 26 March.{{Cite web|title=Министерството на финансите публикува за обществено обсъждане проекта на Закон за въвеждане на еврото в България|trans-title=The Ministry of Finance publishes for public discussion the draft Law on the introduction of the euro in Bulgaria|language=Bulgarian|url=https://www.bta.bg/bg/news/economy/641825-ministerstvoto-na-finansite-publikuva-za-obshtestveno-obsazhdane-proekta-na-zako|date=26 March 2024|access-date=27 March 2024|website=Bulgarian News Agency|author=Anelia Tsvetkova}} The ECB proposed several amendments to the proposed euro adoption law on 2 May 2024.{{Cite web|url=https://www.minfin.bg/upload/58323/CON_2024_12++BG+BG+Opinion+on+the+introduction+of+the+euro+in+the+Republic+of+Bulgaria.pdf|title=Становище на Европейската централна банка от 2 май 2024 година относно въвеждането на еврото в България (CON/202412)|trans-title=Opinion of the European Central Bank of May 2, 2024 regarding the introduction of the euro in Bulgaria (CON/202412)|language=Bulgarian|publisher=Bulgarian Ministry of Finance|author=European Central Bank|date=2 May 2024|access-date=31 May 2024}} The Bulgarian Ministry of Finance later clarified that the proposed euro adoption law will never be assessed by ECB as part of their euro adoption compliance test of the national legislation in their convergence reports (due to this law only being a national matter), but stressed that it was important from a national perspective that the National Assembly vote and approve the law by the end of summer 2024.{{Cite web|url=https://www.novinite.com/articles/226368/Eurozone+Bound%3A+Bulgaria+Nears+Inflation+Goal%2C+Finance+Ministry+Confirms|title=Eurozone Bound: Bulgaria Nears Inflation Goal, Finance Ministry Confirms|publisher=Novinite|date=30 May 2024|access-date=31 May 2024}} An information website ([https://www.evroto.bg/en www.evroto.bg]) was launched on 25 March, dedicated to communicate the progress towards introduction of the euro in Bulgaria and practicalities of the euro changeover,{{Cite web|url=https://www.bta.bg/en/news/economy/641266-finance-ministry-presents-information-website-on-bulgaria-s-euro-changeover|title=Finance Ministry Presents Information Website on Bulgaria's Euro Changeover|publisher=Bulgarian News Agency|date=25 March 2024|access-date=29 March 2024}} and the European Commission signed a Partnership Agreement for co-financing information campaigns towards Bulgarian citizens and businesses on all euro changeover aspects on 12 April.{{Cite web|url=https://www.bta.bg/en/news/bulgaria/652323-ec-supports-bulgaria-in-organizing-effective-awareness-raising-campaign-on-count|title=EC Supports Bulgaria In Organizing Effective Awareness Raising Campaign on Country's Euro Changeover|publisher=Bulgarian News Agency|author=Yoana Vodenicharova|date=12 April 2024|access-date=10 June 2024}}

After a planned government rotation and negotiations for a renewed government mandate for the next nine months failed,{{Cite web |author=Denitsa Koseva |date=20 March 2024 |title=Bulgaria thrown into new political crisis, snap general election likely |url=https://www.intellinews.com/bulgaria-thrown-into-new-political-crisis-snap-general-election-likely-317585/ |access-date=20 March 2024 |publisher=BNE Intellinews}}{{Cite web |date=20 March 2024 |title=Mariya Gabriel's Proposed Cabinet Sparks Controversy: WCC-DB Disagrees with Composition |url=https://www.novinite.com/articles/224940/Mariya+Gabriel%27s+Proposed+Cabinet+Sparks+Controversy%3A+WCC-DB+Disagrees+with+Composition |access-date=20 March 2024 |publisher=Novinite}}{{Cite web |author=Krassen Nikolov |date=20 March 2024 |title=Bulgarian cabinet rotation falls, snap election looms |url=https://www.euractiv.com/section/politics/news/bulgarian-cabinet-rotation-falls-snap-election-looms/ |access-date=20 March 2024 |publisher=Euractiv}} and subsequent attempts to form a new government among the elected parties were likewise unsuccessful, Bulgarian President Rumen Radev announced he would appoint a new caretaker Prime Minister and caretaker government tasked with organizing an early election in June 2024.{{Cite web |date=29 March 2024 |title=President Picks National Audit Office Head for Caretaker PM-Designate |url=https://www.bta.bg/en/news/bulgaria/644684-president-picks-national-audit-office-head-for-caretaker-pm-designate |access-date=29 March 2024 |publisher=Bulgarian News Agency}} Analysts had warned that snap elections could risk delaying efforts for Bulgaria to adopt the euro in 2025.{{Cite web |date=19 March 2024 |title=Bulgaria government rotation fails, new vote possible |url=https://www.trtworld.com/europe/bulgaria-government-rotation-fails-new-vote-possible-17429534 |access-date=20 March 2024 |publisher=TRT world (AFP)}}{{Cite web |date=24 March 2024 |title=Bulgarian FM Gabriel abandons attempt to form cabinet as negotiations break down |url=https://tvpworld.com/76603289/bulgarian-fm-gabriel-abandons-attempt-to-form-cabinet-as-negotiations-break-down |access-date=25 March 2024 |publisher=Television Poland (TVP)}} However, outgoing Finance Minister Asen Vasilev stated that preparations were so far advanced that at the current stage a caretaker government could ensure eurozone entry in 2025.{{Cite web |author=Valentin Evstatiev |date=31 March 2024 |title=Even Caretaker Government Can Ensure Eurozone Entry in 2025 - Finance Minister |url=https://www.bta.bg/en/news/economy/645208-even-caretaker-government-can-ensure-eurozone-entry-in-2025-finance-minister |access-date=31 March 2024 |publisher=Bulgarian News Agency}} Incoming caretaker Prime Minister Dimitar Glavchev stated that the incoming caretaker government would continue to focus on achieving membership of the eurozone and "Schengen on land" among its priorities.{{Cite web |author1=Nikolay Trifonov |author2=Tanya Todorova |date=30 March 2024 |title=ОБНОВЕНА: Ще се стремим към избори "две в едно", каза Димитър Главчев |trans-title=UPDATED: We will strive for "two in one" elections, said Dimitar Glavchev |url=https://www.bta.bg/bg/news/bulgaria/644831-shte-se-stremim-kam-izbori-dve-v-edno-kaza-dimitar-glavchev |access-date=30 March 2024 |publisher=Bulgarian News Agency |language=Bulgarian}}

On 26 June 2024, the ECB released their report confirming that the country had failed to comply with the inflation criteria and was therefore unable to join the Eurozone on the 1 January 2025 target date.{{Cite web |last=Miteva |first=Mihaela |date=2024-06-26 |title=Bulgaria fails to meet inflation criterion for eurozone entry |url=https://seenews.com/news/bulgaria-fails-to-meet-inflation-criterion-for-eurozone-entry-ec-ecb-1259679 |access-date=2024-06-26 |website=See News |language=en}} According to BNB's press website evroto.bg, it was projected that the inflation criteria would be met by the end of 2024, and that if it was, the country would request an off-cycle compliance re-assessment to get approval to adopt the euro as soon as possible.{{Cite web |title=България покрива всички критерии, остава само инфлацията за членство в еврозоната, според редовните конвергентни доклади за 2024 г. на Европейската комисия и на Европейската централна банка |url=https://evroto.bg/bg/news/105-balgariya-pokriva-vsichki-kriterii-ostava-samo-inflatsiyata-za-chlenstvo-v-evro |access-date=2024-06-26 |website=Edinstvoto e sila |language=bg}} In June 2024, Bulgaria's acting finance minister said Bulgaria would need to reduce inflation in order to meet ECB requirements to adopt the euro in January 2026.[https://tvpworld.com/78983258/bulgaria-looks-to-join-the-euro-in-january-2026 Bulgaria looks to join the euro in January 2026 - TVP World][https://www.eunews.it/en/2024/06/26/bulgaria-no-euro-from-2025-no-price-stability/ Bulgaria, no euro from 2025: no price stability]

As of July 2024, the process was in an advanced phase. Once the required level of convergence had been achieved, an off-cycle evaluation would be requested.{{Cite web |last=Development |first=Smart Web, KAK |title=НС РЕШИ: България ще поиска влизане в еврозоната от 1 юли 2025 г. |url=https://www.flagman.bg/article/326989 |access-date=2024-07-27 |website=Flagman |language=bg-BG}} On 26 July 2024, the members of the Bulgarian National Assembly adopted a decision obliging the Bulgarian government to speed up the process of introducing the common European currency. On August 7, the law on the introduction of the euro was adopted, which represented the most important legislative act necessary for the smooth running of the currency changeover process. 167 MPs voted in support of the law, in particular MPs from the pro-European majority in the form of PP-DB, GERB and DPS, while 48 MPs from Revival (Vazrazhdane), independents and two Socialists voted against. Only the group of There is Such a People and one independent abstained. This law determines the terms and ways in which the currency will be changed. It was the final important legal act on the way to Bulgaria's euro adoption before fulfilling the last Maastricht criteria — that of price stability and, accordingly, the subsequent decision of the Council of the EU to introduce the euro in Bulgaria. After the Council made another decision on the issue, some regulations and other subnormative acts were to be adopted to regulate in greater detail what was written in the package of laws that Bulgaria adopted on the path to the eurozone.{{Cite news |title=Deputies adopt the Law on the introduction of the euro |url=https://bntnews.bg/news/deputatite-prieha-zakona-za-vavezhdane-na-evroto-1288808news.html |last=Katanska |first=Tsvetelina |access-date=8 August 2024 |website=BNT 1 Novini |date=7 August 2024 |language=bg}}{{Cite news |title=Parliament adopts the law for the introduction of the euro |url=https://btvnovinite.bg/bulgaria/parlamentat-prie-zakona-za-vavezhdane-na-evroto.html |access-date=8 August 2024 |website=BTV Novinite |date=7 August 2024 |language=bg}} On 20 August 2024, President Rumen Radev signed a decree{{cite news|url=https://dv.parliament.bg/DVWeb/showMaterialDV.jsp?idMat=224950 |title=Law on the introduction of the euro in the Republic of Bulgaria |work=State Gazette |number=70 |date=20 August 2024 |language=bg}} promulgating in the Bulgarian State Gazette the law on the euro, with which it officially entered into force.{{Cite web |title=Радев пусна без вето Закона за въвеждане на еврото |url=https://clubz.bg/152922 |access-date=2024-08-21 |website=clubz.bg |language=bg}}

According to the latest data from Eurostat, Bulgaria's inflation is 2.6% — only 0.1% from meeting the inflation criteria.{{Cite web |last=Еconomic.bg |date=2025-01-17 |title=Inflation in Bulgaria is 0.1 points away from eurozone threshold |url=https://www.economic.bg/en/a/view/inflation-in-bulgaria-is-0-1-points-away-from-eurozone-threshold |access-date=2025-01-18 |website=Еconomic.bg |language=en}}

On 17 January 2025, it was reported that the government was expected to submit a request for an off-cycle convergence report to the European Commission and the ECB within two weeks.{{Cite journal |title=After Eurostat data: Bulgaria on the verge of meeting the inflation criterion for joining the Eurozone |url=https://bntnews.bg/news/after-eurostat-data-bulgaria-on-the-verge-of-meeting-the-inflation-criterion-for-joining-the-eurozone-1322779news.html |journal=Bulgarian National Television |language=en |publisher=BNT |quote=The government is expected to submit a request for an extraordinary convergence report to the European Commission and the ECB within two weeks.}} However, in a 23 January 2025 speech, Finance Minister Temenuzhka Petkova announced the country would not submit such a request until the inflation rate criteria had been met, with 0.1% still missing.{{Cite web |last=България |first=Булевард |date=2025-01-23 |title=Еврозоната пак се отлага след отказ на Теменужка Петкова да поиска доклад от ЕК |url=https://boulevardbulgaria.bg/articles/evrozonata-pak-se-otlaga-sled-otkaz-na-temenuzhka-petkova-da-poiska-doklad-ot-ek |access-date=2025-01-24 |website=boulevardbulgaria.bg |language=bg}}

On 22 February 2025, thousands of Bulgarian far-right Revival party supporters tried to break into the headquarters of the European Union mission in Sofia during a protest against the country’s plans to adopt the euro in 2026.{{cite news |last1=Gros |first1=Marianne |title=Anti-EU protesters storm EU mission in Bulgaria |url=https://www.politico.eu/article/anti-eu-protesters-storm-eu-mission-offices-bulgaria-sofia/ |access-date=25 February 2025 |publisher=Politico |date=22 February 2025}}

The current target date for Bulgaria's adoption of the Euro is 1 January 2026. On 24 February 2025, the Council of Ministers adopted a decision to formally request an off-cycle convergence report from the European Commission and European Central Bank.https://pris.government.bg/document/ac347ab8b4e5f3c2bbef9e94d8042537 The Bulgarian National Bank and Ministry of Finance sent the letter formally requesting the report the following day.

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Because the lev is pegged to the euro at a fixed exchange rate, it can be argued that Bulgaria is already a de facto member of the eurozone insofar as it cannot pursue an independent monetary policy and is bound by the monetary policy and interest rate decisions of the European Central Bank, without having a say in policy matters. Adopting the euro and thereby becoming a de jure member of the eurozone would enhance Bulgaria's position by giving it a voice in the ECB.

Moreover, the fact that the lev is pegged to the euro at a fixed exchange rate also means that Bulgaria cannot devalue its currency in order to make its exports more competitive. Therefore, Bulgaria would not lose anything in this regard by adopting the euro.

Other advantages of adopting the euro include the improved supervision of Bulgaria's systemically important banks once it has joined ERM II together with the European banking union, and the decreased cost of borrowing and full access to the eurozone's COVID-19 pandemic rescue packages.

File:EUR 10 obverse (2014 issue).png from the new Europa series is written in the Latin (EURO) and Greek (ΕΥΡΩ) alphabets, but also in the Cyrillic (ЕВРО) alphabet, as a result of Bulgaria joining the European Union in 2007.]]

Bulgarian Cyrillic script and its non-straightforward transliteration of the word euro initially caused issues when the European Central Bank and European Commission insisted that Bulgaria adopt the name ЕУРО (i.e., euro), rather than the original ЕВРО (i.e., evro) {{IPA|bg|ˈɛvro}} (from Bulgarian Европа {{IPA|bg|ɛvˈrɔpɐ|}}, meaning Europe), arguing that the currency's name should be standardised across the EU as much as possible. Bulgaria maintained that its language's alphabet and phonetic orthography warranted the exception.{{cite web |url=http://www.sofiaecho.com/article/to-the-editor-oyro-yuro-or-evro/id_18641/catid_27 |title=letter to the editor |work=The Sofia Echo |date=13 November 2006 |access-date=25 April 2011 |archive-url=https://web.archive.org/web/20061116231442/http://www.sofiaecho.com/article/to-the-editor-oyro-yuro-or-evro/id_18641/catid_27 |archive-date=16 November 2006}} At the 2007 EU Summit in Lisbon, the issue was decided in Bulgaria's favour, making евро the official Cyrillic spelling from 13 December 2007.{{cite news| url=https://www.reuters.com/article/companyNewsAndPR/idUSL1868684020071018 | title=Bulgaria wins victory in "evro" battle | date=18 October 2007 |work=Reuters}}{{cite web |author=Elena Koinova |url=http://www.sofiaecho.com/article/evro-dispute-over--portuguese-foreign-minister/id_25576/catid_66 |title="Evro" dispute over – Portuguese foreign minister |publisher=The Sofia Echo |date=19 October 2007 |access-date=25 April 2011 |archive-date=12 June 2016 |archive-url=https://web.archive.org/web/20160612205952/http://www.sofiaecho.com/article/evro-dispute-over--portuguese-foreign-minister/id_25576/catid_66 |url-status=dead }}

This ruling affected the design of euro banknotes. The second series of notes (beginning with the €5 note issued from 2013) includes the term "ЕВРО" and the abbreviation "ЕЦБ" (short for Европейска централна банка, the Bulgarian name of the European Central Bank).{{cite web | url=http://www.new-euro-banknotes.eu/Euro-banknotes/Compare/Compare-both-5-banknotes/Superimpose/(cur_bn)/171 | title=Superimpose – ECB – Our Money | work=ECB | access-date=12 February 2013 | archive-url=https://web.archive.org/web/20130213051604/http://www.new-euro-banknotes.eu/Euro-banknotes/Compare/Compare-both-5-banknotes/Superimpose/(cur_bn)/171 | archive-date=13 February 2013 | url-status=dead }} The first series only had the standard Latin alphabet "EURO" and Greek "ΕΥΡΩ".

The plural of евро in Bulgarian varies in spoken language – евро, евра {{IPA|bg|ɛvˈra|}}, еврота {{IPA|bg|ˈɛvrotɐ|}} – but the most widespread form is евро – without inflection in plural form. The word for euro, though, has a normal form with the postpositive definite article – еврото ({{IPA|bg|ˈɛvroto|}}, the euro).

The word for eurocent is {{lang|bg|евроцент|italic=no}} {{IPA|bg|ˈɛvrot͡sɛnt|}} and actually this or just цент {{IPA|[ˈt͡sɛnt]}} will be used in the future when the European currency is adopted in Bulgaria. This is also the official word mentioned and accordingly used in the Bulgarian national law and the Bulgarian legislation prepared on the path of Bulgaria in the Eurozone and its participation in the Eurosystem. In contrast to euro (in Bulgarian. ЕВРО), the word for "cent (in Bulgarian. ЦЕНТ - Стотинка/Стотинки)" has a full inflection both in the definite and the plural form: {{lang|bg|евроцент|italic=no}} (basic form), {{lang|bg|евроцентът|italic=no}} (full definite article – postpositive), {{lang|bg|евроцентове|italic=no}} (plural), 2 {{lang|bg|евроцента|italic=no}} (numerative form – after numerals). However, the word {{lang|bg-latn|stotinki}} ({{lang|bg|стотинки|italic=no}}), singular {{lang|bg-latn|stotinka}} ({{lang|bg|стотинка|italic=no}}), the name of the subunit of the Bulgarian monetary unit, will continue to be used informally as it has become synonymous with the word coins in the colloquial Bulgarian language; same as "cent (in Bulgarian. Цент - стотинка/стотинки)" (from Latin centum), its etymology is from a word meaning hundred - "sto" (сто). {{lang|bg-latn|Stotinki}} (Стотинки) or more precisely стотинка and стотинки is used widely in the Bulgarian diaspora in Europe to refer to subunits of currencies other than the Bulgarian lev. Although Bulgaria will officially use the word евроцент or цент in its national laws, the words стотинка and стотинки will continue to be present on Bulgarian coins, or more precisely, they will be minted on the national side of Bulgarian euro coins. More precisely, the 1 euro cent coin will read "стотинка" and the other 2, 5, 10, 20 and 50 euro cent coins will read "стотинки".

Bulgarian euro coins will replace the lev once the convergence criteria are fulfilled. On the occasion of the signing of the EU accession treaty on 25 April 2005, the Bulgarian National Bank issued a commemorative coin with a face value of 1.95583 leva, giving it a nominal value of exactly 1 euro.{{cite web|url=http://www.bnb.bg/PressOffice/POPressReleases/POPRDate/RELEASE_20050421_195583LV_EN|title=Press release of the Bulgarian National Bank|date= 21 April 2005}}[http://colnect.com/en/coins/coin/22111-195583_Leva_Bulgaria_%E2%80%93_European_Union-Leva-Bulgaria Coin catalog : 1.95583 Leva] (photos and details)

The Madara Rider was one of the favourites to become the symbol of Bulgaria to be used on the "national" (obverse) side of the country's euro coins. Other eminent contenders to be the 'symbol of Bulgaria' were ancient traditional nestinars (Bulgarian fire dancers), Cyrillic script,{{Cite web|url=https://news.bg/|title=Новини от България и света, актуална информация 24 часа в денонощието|website=News.bg}} the Rila Monastery and the Tsarevets medieval fortress near Veliko Turnovo.{{cite web|url=http://www.sofiaecho.com/article/the-symbolic-meaning-of-bulgaria-s-national-symbols/id_29975/catid_70|title=The Sofia Echo – The symbolic meaning of Bulgaria's national symbols|access-date=18 June 2008}}

On 17 June 2008, debates on the design of future Bulgarian euro coins were held all over the country, continuing until 29 June when a vote was held on the symbol to be used on all coins. Bulgarians voted in post offices, fuel stations and schools.{{cite web|url=http://www.novinite.com/view_news.php?id=94179|title=Bulgaria Debates National Symbol for Euro Coin Design|access-date=16 June 2008}}{{cite web|url=http://www.focus-fen.net/index.php?id=n143377|title=Bulgaria singles out new national symbol by June 29|access-date=18 June 2008|archive-date=24 October 2008|archive-url=https://web.archive.org/web/20081024081752/http://www.focus-fen.net/index.php?id=n143377|url-status=dead}} That same day, the winner was announced: a plurality of voters, 25.44%, had chosen the Madara Rider to be depicted on future euro coins.{{cite web|url=http://www.sofiaecho.com/article/bulgaria-choses-madara-horseman-as-its-symbol/id_30258/catid_70|title=Bulgaria {{sic|nolink=y|reason=error in source|choses}} Madara horseman as its symbol|publisher=The Sofia Echo|access-date=3 December 2008|url-status=dead|archive-url=https://web.archive.org/web/20081008042313/https://www.sofiaecho.com/article/bulgaria-choses-madara-horseman-as-its-symbol/id_30258/catid_70|archive-date=8 October 2008 }}{{cite web|url=http://infobulgaria.info/new2/bgsimvoli/ |title=Bulgaria selected the new euro design |publisher=Info Bulgaria |access-date=30 June 2008 |archive-url=https://archive.today/20080620071356/http://www.infobulgaria.info/new2/bgsimvoli/ |archive-date=20 June 2008 |url-status=dead }}{{cite web|url=http://www.novinite.com/view_news.php?id=94629|title=Bulgaria Chooses Madara Horseman for National Symbol at Euro Coin Design|publisher=Sofia News Agency Novinite|access-date=1 July 2008}}{{cite web|url=http://www.eubusiness.com/news-eu/1214761621.35 |title=Bulgaria chooses heritage site to adorn euro coins |publisher=EU Business |access-date=1 July 2008 |url-status=dead |archive-url=https://web.archive.org/web/20081119094204/http://eubusiness.com/news-eu/1214761621.35/ |archive-date=19 November 2008 }}

On 24 July 2023, the governor of the BNB, Dimitar Radev, announced that the BNB Governing Council had decided that the Bulgarian national side of euro coins would be identical to that of the Bulgarian lev coins in circulation.{{Cite interview |title=We Should Tighten Both Monetary and Fiscal Policies to Keep Inflation in Check |interviewer=Bulgarian News Agency (BTA) |first=Dimitar |last=Radev |date=24 July 2023 |url=https://www.bnb.bg/AboutUs/PressOffice/POStatements/POATheme/02_RADEV_20230724_EN |access-date=26 July 2023 |website=Bulgarian National Bank}}

Eurocoins with a Bulgarian national side will contain the name of the fractional unit of the former Bulgarian currency leva (СТОТИНКА/СТОТИНКИ). The Bulgarian alphabet is already present on the euro banknotes, and with the introduction of the euro in Bulgaria and the putting into circulation of the Bulgarian euro coins, the Cyrillic alphabet will now also be presented on the euro coins. Together with the Greek coins, the Bulgarian euro coins will be the only euro coins that will not use only the Latin alphabet in their design.{{Cite web |title=Монети |url=https://xn--b1af2aain.xn--90ae/bg/new-money/coins |access-date=2024-06-28 |website=evroto.bg |language=bg}}

The design of the euro coins was officially chosen by the Bulgarian National Bank in November 2023,{{Cite web |date=17 November 2023 |title=The design of future Bulgarian euro coins has been approved |url=https://bnr.bg/en/post/101909237/the-design-of-future-bulgarian-euro-coins-has-been-approved |access-date=31 January 2024 |website=Radio Bulgaria}} and approved by the Council of the EU in February 2024. On 9 April 2025, the BNB Governing Council approved the revised graphic designs for the Bulgarian national side of the euro coins, with the only change being the year of issue from "2025" to "2026".{{Cite web |title=УС на БНБ одобри преработените графични проекти за българска национална страна на евромонетите от всички номинали |url=https://evroto.bg/bg/news/152-upravitelniyat-savet-na-balgarskata-narodna-banka-us-na-bnb-odobri-preraboteni#}}Minting of the coins in necessary quantities will begin shortly after the Council of the EU approves Bulgaria to adopt the euro, so that they can be circulated starting from the date of euro introduction in Bulgaria.

The official website for the introduction of the euro in Bulgaria ([https://www.evroto.bg/en www.evroto.bg]) gives the following description of the Bulgarian euro coins:{{Cite web |title=Официална страница за приемане на еврото в Република България |url=https://www.evroto.bg/bg |access-date=2024-06-28 |website=Edinstvoto e sila |language=bg}}

class="wikitable"
€2 |File:BG 2 euro coin.png |The 2 euro coin depicts Saint Paisius of Hilendar (ca. 1722-1773) - Bulgarian national revivalist and clergyman, author of the first Renaissance work in Bulgarian historiography - "History of Slavic Bulgaria". In Cyrillic on the right is the country of issue - "БЪЛГАРИЯ". To the left of the image of the saint are the Cyrillic inscription "ЕВРО" and the year of issue, 2026. Inscription on the side of the two-euro coin: on one half, "БОЖЕ ПАЗИ БЪЛГАРИЯ" ("God, protect Bulgaria") is written, and on the other side, the same inscription is written in reverse.{{Cite web |title=БНБ приключи процеса по съгласуване и одобрение на дизайна на българските евромонети |url=https://www.bnb.bg/bnbweb/groups/public/documents/bnb_pressrelease/pr_20240212_a5_bg.pdf}}{{Cite web |title=УС на БНБ одобри преработените графични проекти за българска национална страна на евромонетите от всички номинали |url=https://evroto.bg/bg/news/152-upravitelniyat-savet-na-balgarskata-narodna-banka-us-na-bnb-odobri-preraboteni#}}
€1 |File:BG 1 euro coin.png |The 1 euro coin depicts St. Ivan Rilski (ca. 876–946) - Bulgarian spiritual leader, lived as a hermit monk, miracle worker and heavenly protector of the Bulgarian people, founder of the Rila Monastery. The country of issue - "БЪЛГАРИЯ" is indicated with an inscription in Cyrillic on the right, and on the left of the image of the saint there is an inscription in Cyrillic "ЕВРО" and the year of issue, 2026.{{Cite web |title=БНБ приключи процеса по съгласуване и одобрение на дизайна на българските евромонети |url=https://www.bnb.bg/bnbweb/groups/public/documents/bnb_pressrelease/pr_20240212_a4_bg.pdf}}{{Cite web |title=УС на БНБ одобри преработените графични проекти за българска национална страна на евромонетите от всички номинали |url=https://evroto.bg/bg/news/152-upravitelniyat-savet-na-balgarskata-narodna-banka-us-na-bnb-odobri-preraboteni#}}
€0.50 | rowspan="3" |File:BG 10-20-50 eurocents.png | rowspan="6" |The 1, 2, 5, 10, 20 and 50-euro cent coins depict the Madara Rider - a rock relief from the 8th century, included in the World Cultural Heritage List. With an inscription in Cyrillic on top is the country of issue - "БЪЛГАРИЯ", and on the bottom - "СТОТИНКИ" - the Bulgarian word for "cent" which also matches the name of the subunits of the Bulgarian lev currently in circulation. On the right is the year of issue, 2026.{{Cite web |title=БНБ приключи процеса по съгласуване и одобрение на дизайна на българските евромонети |url=https://bnb.bg/bnbweb/groups/public/documents/bnb_pressrelease/pr_20240212_a2_bg.pdf}}{{Cite web |title=БНБ приключи процеса по съгласуване и одобрение на дизайна на българските евромонети |url=https://bnb.bg/bnbweb/groups/public/documents/bnb_pressrelease/pr_20240212_a3_bg.pdf}}{{Cite web |title=УС на БНБ одобри преработените графични проекти за българска национална страна на евромонетите от всички номинали |url=https://evroto.bg/bg/news/152-upravitelniyat-savet-na-balgarskata-narodna-banka-us-na-bnb-odobri-preraboteni#}} The 1 euro cent coin has the inscription "СТОТИНКА" in the singular, instead of the plural "СТОТИНКИ" (as on the other 2, 5, 10, 20 and 50 euro cent coins) because it is a singular word - i.e. "1 СТОТИНКА/ЕДНА СТОТИНКА".{{Cite web |title=БНБ приключи процеса по съгласуване и одобрение на дизайна на българските евромонети |url=https://www.bnb.bg/bnbweb/groups/public/documents/bnb_pressrelease/pr_20240212_a1_bg.pdf |website=}}
€0.20
€0.10
€0.05 | rowspan="3" |File:BG 1-2-5 eurocents coin.png
€0.02
€0.01

;Public support for the euro in Bulgaria

The following are polls on the question of whether the Republic of Bulgaria should abolish the lev and adopt the euro.

class="wikitable sortable" style="text-align:center;font-size:95%;line-height:14px"
Date (survey taken)	Date (survey published)	style="background:green; color:white;" | Yes	style="background:red; color:white;" | No	style="background:silver; color:black; width:50px" | Undecided / Don't know	Conducted by
May 2024 |June 2024 |49% |49% |2% |Eurobarometer{{Cite web |title=Eurobarometer |url=https://europa.eu/eurobarometer/surveys/detail/3214 |access-date=2024-06-26 |website=europa.eu}}
April 2023	June 2023	49% |style="background: #FFE3E3; color: black; vertical-align: middle; text-align: center;" class="table-no2" |50% |1% |Eurobarometer{{cite web |title=Flash Eurobarometer 527 - Introduction of the euro in the MS that have not yet adopted the common currency - Spring 2023 |url=https://europa.eu/eurobarometer/surveys/detail/2982 |access-date=2024-02-04 |publisher=Eurobarometer}}
April 2022	June 2022	44%	style="background:#FFC7C7;vertical-align:middle;text-align:center;" class="table-no"|54%	2% |Eurobarometer{{Cite web |title=Flash Eurobarometer 508 - Introduction of the euro in the Member States that have not yet adopted the common currency - Spring 2022 |url=https://europa.eu/eurobarometer/surveys/detail/2662 |access-date=2024-02-04 |website=europa.eu}}
May 2021	July 2021	style="background:#9EFF9E;vertical-align:middle;text-align:center;" class="table-yes"|54%	44%	2% |Eurobarometer{{Cite web |title=Flash Eurobarometer 492 - Introduction of the euro in the Member States that have not yet adopted the common currency - Summer 2021 |url=https://europa.eu/eurobarometer/surveys/detail/2284 |access-date=2024-02-04 |website=europa.eu}}
June 2020	July 2020	48%	style="background: #FFE3E3; color: black; vertical-align: middle; text-align: center;" class="table-no2" |50%	2% |Eurobarometer{{Cite web |title=Flash Eurobarometer 487 - Introduction of the euro in the Member States that have not yet adopted the euro - Summer 2020 |url=https://europa.eu/eurobarometer/surveys/detail/2261 |access-date=2024-02-04 |website=europa.eu}}
April 2019	June 2019	47%	style="background: #FFE3E3; color: black; vertical-align: middle; text-align: center;" class="table-no2" | 48%	5% |Eurobarometer{{Cite web |title=Flash Eurobarometer 479 - General public in seven EU countries not yet having adopted the euro - Spring 2019 |url=https://europa.eu/eurobarometer/surveys/detail/2242 |access-date=2024-02-04 |website=europa.eu}}
April 2018	May 2018	style="background:#9EFF9E;vertical-align:middle;text-align:center;" class="table-yes"|51%	46%	3% |Eurobarometer{{Cite web |title=Eurobarometer - Introduction of the euro in the Member States that have not yet adopted the common currency - Spring 2018 |url=https://europa.eu/eurobarometer/surveys/detail/2187 |access-date=2024-02-04 |website=europa.eu}}
April 2017	May 2017	style="background:#bfd; color:black; vertical-align:middle; text-align:center;" class="table-yes2"|50%	45%	5% |Eurobarometer{{Cite web |title=Flash Eurobarometer 453 - Introduction of the euro in the Member States that have not yet adopted the common currency - Spring 2017 |url=https://europa.eu/eurobarometer/surveys/detail/2157 |access-date=2024-02-04 |website=europa.eu}}
April 2016	May 2016	47% |style="background: #FFE3E3; color: black; vertical-align: middle; text-align: center;" class="table-no2"|48%	5% |Eurobarometer{{Cite web |title=Flash Eurobarometer 440 - Introduction of the euro in the Member States that have not yet adopted the common currency - Spring 2016 |url=https://europa.eu/eurobarometer/surveys/detail/2105 |access-date=2024-02-04 |website=europa.eu}}
April 2015	May 2015	style="background:#9EFF9E;vertical-align:middle;text-align:center;" class="table-yes"|55%	39%	6% |Eurobarometer{{Cite web |title=Flash Eurobarometer 418 - Introduction of the euro in the Member States that have not yet adopted the common currency - Spring 2015 |url=https://europa.eu/eurobarometer/surveys/detail/2056 |access-date=2024-02-04 |website=europa.eu}}
April 2014	June 2014	style="background:#9EFF9E;vertical-align:middle;text-align:center;" class="table-yes"|51%	45%	4% |Eurobarometer{{Cite web |title=Flash Eurobarometer 400 - Introduction of the euro in the more recently acceded Member States - Spring 2014 |url=https://europa.eu/eurobarometer/surveys/detail/2001 |access-date=2024-02-04 |website=europa.eu}}
April 2013	June 2013	style="background:#9EFF9E;vertical-align:middle;text-align:center;" class="table-yes"|52%	43%	5% |Eurobarometer{{Cite web |title=Flash Eurobarometer 377 - Introduction of the Euro in the more recently acceded Member States - Spring 2013 |url=https://europa.eu/eurobarometer/surveys/detail/1074 |access-date=2024-02-04 |website=europa.eu}}
April 2012	July 2012	style="background:#9EFF9E;vertical-align:middle;text-align:center;" class="table-yes"|53%	43%	4% |Eurobarometer{{Cite web |title=Flash Eurobarometer 349 - Introduction of the euro in the more recently acceded Member States - Spring 2012 |url=https://europa.eu/eurobarometer/surveys/detail/1037 |access-date=2024-02-04 |website=europa.eu}}
November 2011	July 2012	style="background:#9EFF9E;vertical-align:middle;text-align:center;" class="table-yes"|56%	40%	4% |Eurobarometer{{Cite web |title=Flash Eurobarometer 336 - Introduction of the euro in the more recently acceded Member States - Autumn 2011 |url=https://europa.eu/eurobarometer/surveys/detail/1009 |access-date=2024-02-04 |website=europa.eu}}
May 2011	August 2011	style="background:#bfd; color:black; vertical-align:middle; text-align:center;" class="table-yes2"|45%	42%	13% |Eurobarometer{{Cite web |title=Flash Eurobarometer 329 - Introduction of the euro in the new Member States - Summer 2011 |url=https://europa.eu/eurobarometer/surveys/detail/978 |access-date=2024-02-04 |website=europa.eu}}
September 2010	December 2010	style="background:#bfd; color:black; vertical-align:middle; text-align:center;" class="table-yes2"|48%	39%	13% |Eurobarometer{{Cite web |title=Flash Eurobarometer 307 - Introduction of the euro in the new Member States - Autumn 2010 |url=https://europa.eu/eurobarometer/surveys/detail/884 |access-date=2024-02-04 |website=europa.eu}}
May 2010	July 2010	style="background:#9EFF9E;vertical-align:middle;text-align:center;" class="table-yes"|51%	37%	12% |Eurobarometer{{Cite web |title=Flash Eurobarometer 296 - Introduction of the euro in the new Member States - Summer 2010 |url=https://europa.eu/eurobarometer/surveys/detail/885 |access-date=2024-02-04 |website=europa.eu}}
September 2009	November 2009	style="background:#bfd; color:black; vertical-align:middle; text-align:center;" class="table-yes2" |49%	31%	20% |Eurobarometer{{Cite web |title=Flash Eurobarometer 280 - Introduction of the euro in the new Member States - Autumn 2009 |url=https://europa.eu/eurobarometer/surveys/detail/811 |access-date=2024-02-04 |website=europa.eu}}
May 2009	December 2009	style="background:#bfd; color:black; vertical-align:middle; text-align:center;" class="table-yes2" |44%	36%	20% |Eurobarometer{{Cite web |title=Flash Eurobarometer 270 - Introduction of the euro in the new Member States - Summer 2009 |url=https://europa.eu/eurobarometer/surveys/detail/809 |access-date=2024-02-04 |website=europa.eu}}
May 2008	July 2008	style="background:#9EFF9E;vertical-align:middle;text-align:center;" class="table-yes"|51%	31%	18% |Eurobarometer{{Cite web |title=Flash Eurobarometer 237 - Introduction of the euro in the new Member States - Summer 2008 |url=https://europa.eu/eurobarometer/surveys/detail/713 |access-date=2024-02-04 |website=europa.eu}}
September 2007	November 2007	style="background:#bfd; color:black; vertical-align:middle; text-align:center;" class="table-yes2"|46%	33%	21% |Eurobarometer{{Cite web |title=Flash Eurobarometer 214 - Introduction of the euro in the New Member States - Autumn 2007 |url=https://europa.eu/eurobarometer/surveys/detail/641 |access-date=2024-02-04 |website=europa.eu}}
March 2007	May 2007	style="background:#bfd; color:black; vertical-align:middle; text-align:center;" class="table-yes2"|45%	33%	22% |Eurobarometer{{Cite web |title=Flash Eurobarometer 207 - The introduction of the euro in the New Member States - Spring 2007 |url=https://europa.eu/eurobarometer/surveys/detail/642 |access-date=2024-02-04 |website=europa.eu}}

{{Portal|Bulgaria|Money}}

• 2007 enlargement of the European Union
• Enlargement of the eurozone

{{Reflist}}

{{Euro topics}}

Category:Bulgaria and the European Union

Category:Currencies of Bulgaria

Category:Euro by country