Bulgaria is set to officially adopt the Euro as its currency in 2026, becoming the 21st member to embrace the unified European currency. This transition comes nearly two decades after the nation joined the European Union in 2007.
The country, with a population of approximately 7 million, will retire its previous currency, the Lev, which had been in use since the late 19th century. The adoption of the Euro signifies a major step towards deeper economic integration with the Eurozone.
In a separate but related development, Bulgaria, along with Romania, achieved full Schengen area membership. European Union interior ministers decided in September 2024 to eliminate border checks on land routes with Bulgaria and Romania, effective January 2025. This follows the removal of air and sea border checks, which took place on March 31st.
The Schengen area now encompasses 25 of the 27 EU member states, along with Iceland, Liechtenstein, Norway, and Switzerland. This allows for the free movement of people between member countries by land, air, and sea, benefiting over 400 million Europeans.
Full Schengen membership for Bulgaria and Romania had been delayed since 2011 due to concerns from some countries, notably Austria, regarding potential increases in irregular migration through their territories. With these hurdles now overcome, Bulgaria is poised to fully participate in the benefits of both the Eurozone and the Schengen area.
