Bulgaria is joining the euro. Here's what it means for consumers and businesses

Core Points - Bulgaria will join the euro currency union on New Year's Day, achieving a long-standing goal and enhancing ties with Western Europe [1] - The transition involves a fixed exchange rate of 51 euro cents to the Bulgarian lev, with automatic conversion of bank accounts [2] - Ordinary people express skepticism about the changeover despite government support [1] Economic Impact - Membership in the eurozone is expected to promote cross-border trade and investment, facilitating smoother foreign trade and travel [3][4] - Companies trading with the eurozone will save an estimated 1 billion levs annually on currency exchange costs [5] - Bulgaria gains a seat on the European Central Bank's governing council, influencing interest rates and monetary policy [5] Currency Transition - For about a month, payments can still be made in levs, but change will be given in euros, with old currency phased out quickly [3] - Old lev notes and coins can be exchanged without fees until June 30 at various institutions, including banks and the Bulgarian Central Bank [3] Historical Context - Bulgaria committed to adopting the euro upon joining the EU in 2007, although some countries have opted out or delayed joining [6][7]