Why in the news?
Bulgaria officially adopted the euro as its national currency on January 1, 2026, replacing the Bulgarian lev and becoming the 21st member of the eurozone.
About Bulgaria
What it is
Bulgaria is a Balkan country in southeastern Europe. It has been a member of the European Union since 2007 and NATO since 2004. The adoption of the euro followed the fulfilment of European Union convergence criteria.
Location
- Eastern Balkan Peninsula
- Strategic link between Europe, the Black Sea region, and West Asia
Borders
- Romania in the north
- Serbia and North Macedonia in the west
- Greece and Turkey in the south
- Black Sea in the east
Geographical features
- Danubian Plain in the north, an important agricultural belt
- Balkan Mountains extending east west
- Rila Rhodope Massif in the south with Mount Musala, the highest peak in the Balkans
- Black Sea coastline supporting ports, tourism, and trade
About the eurozone
What it is
The eurozone is the group of European Union countries that use the euro as their official legal tender and follow a common monetary policy.
Evolution
- 1992 Maastricht Treaty established the Economic and Monetary Union
- 1999 Euro introduced for electronic transactions
- 2002 Euro notes and coins entered circulation
Members
- 21 European Union countries as of 2026, including Bulgaria
Key features
- Single currency system
- Unified monetary policy by the European Central Bank
- No internal currency exchange costs
- Free movement of goods, services, capital, and labour
Prelims pointers
- Bulgaria joined the eurozone in 2026
- Eurozone membership is different from EU membership
- ECB governs monetary policy of eurozone states
| [2025] Consider the following countries:Â
I. Austria II. Bulgaria III. Croatia IV. Serbia V. Sweden VI. North Macedonia How many of the above are members of the North Atlantic Treaty Organization? (a) Only three (b) Only four (c) Only five (d) All the six |
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