Keynote speech by Philip R. Lane, Member of the Executive Board of the ECB, at The World Ahead 2026: Sofia Gala Dinner

Sofia, 12 February 2026

I welcome the invitation to speak in Sofia as it provides an opportunity to offer my own congratulations to Bulgaria on joining the euro area. I understand that the euro cash changeover was smoother than expected, with no disruptions to payment systems. The withdrawal of lev cash is proceeding well and, by the end of the dual lev/euro circulation period (31 January 2026), euro banknotes and coins accounted for 70 per cent of total cash (lev and euro) in circulation in Bulgaria. Preliminary analysis suggests that the changeover had a minor impact on the overall price level, comparable in magnitude to the experiences of other countries joining the euro.

While the lev tracked the euro for many years, Bulgaria had no role in the setting of monetary policy. Bulgaria now has a seat at the table and is helping to shape ECB policymaking.^[1] I valued…