BNB on the ECB's Governing Council - Bulgaria's path to the Eurozone

BNB Granted Seat on ECB Governing Council After Eurozone Accession Becomes a Fact

In an unprecedented move that signals the final phase of Bulgaria's path to the eurozone, European Central Bank (ECB) President Christine Lagarde officially welcomed Bulgarian National Bank (BNB) Governor Dimitar Radev as an observer on the ECB's Governing Council. This symbolic gesture is seen as the culmination of our country's long-standing efforts for full European integration and accession to the monetary union.

On social media, Lagarde noted that there were just over 100 days left until Bulgaria's official accession to the eurozone. In a post accompanied by a photo of her shaking hands with the BNB governor, she stated:

"In a little more than 100 days, Bulgaria will become the 21st country to adopt our single currency. I am delighted to welcome the governor of the Bulgarian National Bank, Dimitar Radev, to the Governing Council (of the ECB - ed. note). He will participate in our meetings as an observer until Bulgaria's accession on January 1"

The development is the final step in a series of high-level decisions made in Brussels and Frankfurt that have definitively shaped Bulgaria's path to the euro. These actions effectively conclude the prolonged process of negotiations and technical preparation that has lasted for years.

Chronology of Events

• On June 20, at a meeting in Luxembourg, the EU Council on Economic and Financial Affairs adopted the recommendation of the eurozone countries and approved a letter to the European Council for the completion of the legal acts for Bulgaria's accession to the monetary union by January 2026.
• Four days later, on June 24, the European Parliament's Committee on Economic and Monetary Affairs, together with the Subcommittee on Tax Matters, adopted at a meeting in Brussels the draft report of the European Parliament on Bulgaria's readiness to introduce the euro from January 1, 2026. This key document states that the EP approves the European Commission's recommendation for Bulgaria's admission to the eurozone.
• The process continued on June 27, when the European Council welcomed Bulgaria's fulfillment of all requirements for our country's accession to the eurozone from January 1 of next year.
• The culmination of the entire legislative procedure came on July 8, when the European Parliament and the Council of the EU finally approved Bulgaria's accession to the eurozone from January 1, 2026.

Meanwhile, the attention of financial markets is focused on today's upcoming ECB meeting. After its monetary policy meeting, the European Central Bank is expected to announce its decision on key interest rates and present updated forecasts for the economic development of the eurozone, which will have an impact on the future financial policies of member states.