At its meeting on 11 December, the European Stability Mechanism (ESM) approved Bulgaria’s accession to the Mechanism, European Commissioner for Economy Valdis Dombrovskis said at a press conference following the Eurogroup meeting.
Dombrovskis said that Bulgaria will adopt the euro on January 1, 2026, and that the ESM decision is “another significant milestone for the country and will further enhance the resilience of the Bulgarian economy”.
ESM Managing Director Pierre Gramegna said that Bulgaria had formally requested to join the mechanism and that, once it becomes an ESM member in 2026, the country “will gain access to a robust financial safeguard”.
The ESM is a key pillar of the eurozone’s financial-stability architecture. It provides financial assistance to member states experiencing, or at risk of experiencing, financing difficulties.