Bulgaria joins eurozone, Lagarde calls euro a 'powerful symbol' of unity

[Euro banknotes colored in the colors of the flag of Bulgaria.]
Romano Calabrese/iStock via Getty Images

Bulgaria has joined the eurozone after adopting the euro as its currency, with European Central Bank President Christine Lagarde calling the currency a powerful symbol of Europe's unity amid geopolitical uncertainty.

The euro officially entered into circulation in Bulgaria on Thursday, replacing the Bulgarian lev with a final exchange rate of 1.95583 levs per euro.

The Balkan nation is the 21st member of the currency union, bringing the number of Europeans using the euro to more than 350M.

"The euro is a powerful symbol of what Europe can achieve when we work together, and of the shared values and collective strength that we can leverage to confront the global geopolitical uncertainty that we face at the moment," Lagarde said while welcoming Bulgaria to the eurozone.

"The euro will bring benefits for the Bulgarian people making payments and travel easier," said Ursula von der Leyen, president, European Commission. "It will bring new opportunities for Bulgarian businesses, allowing them to seize better the advantages of our common single market. It will further strengthen Bulgaria's voice in Europe."

But recent opinion polls showed that Bulgarians are split on whether adopting the euro is a good idea, as many of them fear the move will drive prices higher.

The move followed the resignation of Bulgaria's government last month, after Bulgarians protested ongoing corruption and the 2026 budget plan that included higher taxes.

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