Bulgaria gets go-ahead to switch to euro currency next year

Successive governments in Sofia have argued the move will help raise living standards in the EU's poorest member state. Picture: Oliver Bunic/Bloomberg

Bulgaria is set to become the 21st member of the eurozone next year, after European Union finance ministers signed off on its bid on Tuesday.

Taking up the European single currency is the culmination of nearly two decades of work toward adoption, an ambition since Bulgaria joined the EU in 2007.