European Stability Mechanism Managing Director welcomes Bulgaria as newest member
Baku, June 30, AZERTAC
European Stability Mechanism (ESM) Managing Director Pierre Gramegna welcomed Bulgaria as the institution's 21st member after the Treaty Establishing the ESM entered into force for the country on Monday, following its ratification by the Bulgarian Parliament in May, the Bulgarian News Agency (BTA) reported.
Bulgaria became a member of the ESM after adopting the euro as its official currency on January 1, 2026, following the institution's approval of its membership application.
In a statement published on the ESM's website, Gramegna said he was delighted to welcome Bulgaria as the mechanism's newest member. He noted that Bulgaria was joining at a time of heightened geopolitical tensions and global uncertainty, adding that the ESM remains a key pillar of the euro area's financial safety net, helping safeguard stability and strengthen resilience across the monetary union.
Gramegna said Bulgaria's membership completes the country's integration into the euro area's institutional architecture and reflects the solidarity at the heart of the European project.
Bulgarian Deputy Prime Minister and Finance Minister Galab Donev said in Sofia that Bulgaria's membership in the ESM reflects the maturity of the country's institutions and its shared responsibility within the euro area. He added that joining the mechanism deepens Bulgaria's fiscal and economic integration with the euro area while providing access to a reliable and well-established financial support framework in times of need.
Donev will represent Bulgaria on the ESM Board of Governors, the institution's highest decision-making body composed of the finance ministers of euro area countries. Bulgaria will also be represented on the Board of Directors, which oversees the ESM's day-to-day operations.
Bulgaria has committed approximately EUR 5.3 billion to the ESM's subscribed capital. Its initial paid-in capital contribution amounts to EUR 603.2 million and will be paid in five annual instalments. As a country with GDP per capita below 75% of the EU average, Bulgaria will benefit from a temporary adjustment reducing its contribution by EUR 388.7 million until 2038, the ESM said.
Earlier in June, Donev attended the Annual Meeting of the ESM Board of Governors in Luxembourg for the first time and took part in the official ceremony marking Bulgaria's accession to the mechanism.
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