Bulgarian Finance Minister Temenuzhka Petkova and the Governor of the Bulgarian National Bank (BNB), Dimitar Radev, jointly signed a letter requesting the preparation of emergency convergence reports. The letter was sent to the President of the European Commission, Ursula von der Leyen, and the President of the European Central Bank (ECB), Christine Lagarde.

The letter is part of the implementation of a decision made by the Bulgarian Parliament on July 26, 2024, aimed at accelerating and completing the process of preparing for Bulgaria's adoption of the euro. The request is in line with Article 140 of the Treaty on the Functioning of the European Union, as well as with a decision from the Bulgarian government, issued on February 24, 2025, which instructed the Ministry of Finance to ask the European Commission and the ECB to prepare the emergency convergence reports for Bulgaria.

Bulgarian Prime Minister Rosen Zhelyazkov commented that the process is procedural, but it is expected that the convergence reports will likely be released in early June.

The European Central Bank and the European Commission are now tasked with conducting an assessment, which will be reviewed by the Economic and Financial Affairs Council (ECOFIN), followed by the Eurogroup and the European Parliament (EP). There are numerous steps ahead in which Bulgaria will have the opportunity to demonstrate whether it is ready to adopt the euro by January 1, 2026, Zhelyazkov added.

This process marks a significant milestone in Bulgaria's path toward adopting the euro as its official currency, aligning with EU standards and further integrating the country into the Eurozone.

Article 140, paragraph 1 of the Treaty on the Functioning of the European Union (TFEU) stipulates that at the request of a Member State with a derogation, the Commission and the European Central Bank shall report to the Council on the progress made by the Member State with a derogation in fulfilling its obligations regarding the achievement of economic and monetary union. | BGNES