Bulgaria has received the green light to transition to the euro. The European Commission and the European Central Bank made this decision based on a new report.
Starting January 1, Bulgaria can exchange its national currency, the lev, for the euro. The European Parliament and other EU member states still need to formally approve this, although it is largely seen as a formality.
If approved, the eurozone will expand to 21 countries. Prices in Bulgarian stores are expected to be displayed in both euros and levs from August.
European Commission President Ursula von der Leyen congratulated Bulgaria, stating that the euro will strengthen Bulgaria's economy, boost trade, attract foreign investments, and improve job quality and real incomes.
However, not everyone supports the move. Thousands protested in Sofia last week, fearing financial instability. Some citizens demand a referendum, but the Bulgarian parliament has rejected this idea.
