Lagarde hails Bulgaria’s eurozone entry, promises gains

European Central Bank President Christine Lagarde said Bulgaria will gain prosperity and security when it joins the eurozone on January 1, 2026, dismissing concerns about lost sovereignty during a government conference on the currency transition.

Lagarde told officials that Bulgarian firms will save 1 billion euros annually by eliminating currency conversion expenses and will gain easier access to European capital markets with reduced borrowing costs. She noted that 65 percent of Bulgarian exports reach European Union nations and 45 percent flow to countries using the euro. The nation’s credit ratings have improved as adoption approaches, she added. Lagarde said membership protects from external economic disruptions for an economy where nearly half of all employment depends on foreign demand. She pointed out that 83 percent of imports arrive in euros, which shields consumers and businesses from price volatility.

The bank leader addressed fears that Bulgaria would surrender control over monetary decisions, arguing that participation adds rather than diminishes national authority. Bulgarian National Bank Governor Dimitar Radev will have equal standing among eurozone policymakers, Lagarde said. She urged authorities to enforce strict conversion rules and advised consumers to monitor pricing practices during the changeover.