Which countries will start using the euro in 2026?

EXPLAINER

On January 1, Bulgaria volition go the 21st state to follow the European Union’s azygous currency.

On January 1, 2026, Bulgaria volition bid farewell to its lev currency and go the 21st European federation to follow the euro.

The Balkan state of 6.7 cardinal radical has been a European Union (EU) subordinate since January 1, 2007, and joined the Schengen Area successful March 2024, some of which marked pivotal moments successful its integration into Europe.

This leaves lone six countries successful the 27-member EU inactive utilizing their ain currencies: The Czech Republic, Denmark, Hungary, Poland, Romania and Sweden.

What is the euro?

The euro is the authoritative currency of the EU, serving arsenic the unified currency for its subordinate states and allowing for easier commercialized and question among them.

About 350 cardinal radical usage it, making it the astir fashionable authoritative currency and the second-most traded and held reserve currency successful the satellite aft the US dollar.

(Al Jazeera)

Managed by the European Central Bank and the Eurosystem, the currency consists of six banknotes, each featuring antithetic European architectural designs, with a seventh note, the 500 euro note, having been discontinued successful 2019 but inactive considered ineligible tender.

Euro banknotes look the aforesaid everywhere, but coins person a nationalist broadside chosen by each country.

How does a state articulation the eurozone?

The EU is simply a governmental and economical bloc of 27 countries successful Europe, formed successful 1993 to beforehand cooperation, escaped commercialized and shared policies crossed the continent.

Most EU nations are legally required to follow the euro erstwhile they conscionable circumstantial economical criteria. The countries which usage the euro are collectively known arsenic the eurozone.

Denmark is the lone existent subordinate authorities with a ceremonial opt-out from the eurozone, negotiated successful the 1992 Edinburgh Agreement, meaning it has nary ineligible work to articulation the euro.

Before a state tin join, it indispensable walk astatine slightest 2 years successful ERM II (the Exchange Rate Mechanism). During this time, the nationalist currency is pegged to the euro. If the currency fluctuates excessively overmuch during this time, the state cannot follow the euro.

In summation to EU members, 4 tiny countries, Andorra, Monaco, San Marino and Vatican City, person ceremonial agreements to usage the euro arsenic their authoritative currency, adjacent though they are not successful the EU.

When did each state follow the euro?

The euro was introduced to the fiscal markets arsenic an accounting currency connected January 1, 1999. It replaced the European Currency Unit (ECU) astatine a 1:1 ratio. Physical coins and banknotes entered circulation connected January 1, 2002, afloat replacing nationalist currencies by March that year.

The euro was archetypal adopted by 11 countries:

1999: Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg, the Netherlands, Portugal and Spain.

2001: Greece joined the eurozone connected January 1, becoming the archetypal state to follow the azygous currency aft its archetypal launch.

2007-2009: Slovenia, Cyprus, Malta, Slovakia.

2011-2015: Estonia, Latvia, Lithuania.

2023: Croatia.

2026: Bulgaria is acceptable to articulation connected January 1, 2026.