Both the European Commission and the ECB published positive reports this week confirming that Bulgaria meets the four nominal economic criteria. According to both institutions, Bulgarian legislation is now fully aligned with EU requirements. Commission President Ursula von der Leyen stated that accession will strengthen the Bulgarian economy.
The Chairwoman of the Bulgarian Parliament, Nataliya Kiselova, called it a historic step. She expects increased trade, more foreign investments, and a stronger economy. Vice-Chairman Dragomir Stoynev also pointed to the political determination to successfully complete the adoption despite recent instability.
However, there is significant division within Bulgaria. Protests took place in Sofia this week, with opponents warning of the loss of national sovereignty and economic risks. The demonstrations were organized by the pro-Russian opposition party Vazrazhdane.
A recent Eurobarometer survey shows that about half of Bulgarians oppose adopting the euro. Many people fear price increases and economic damage. These concerns are fueled by a fierce anti-euro campaign by opposition parties spreading disinformation, according to DW and RFE/RL.
Politically, Bulgaria has experienced much instability in recent years, with seven elections in four years. This instability has, however, led to reforms and increased support for pro-European parties. Currently, 171 of the 240 members of parliament support the transition to the euro.
Prime Minister Rossen Jeliazkov called it "a special day" and described the decision as recognition of the progress Bulgaria has made. The euro is seen as a symbol of European unity and stability.
Despite resistance among the population, the adoption of the euro appears inevitable. An attempt by President Rumen Radev to hold a referendum on the adoption date was legally blocked (RFE/RL). The national currency, the lev, will be replaced after nearly 150 years, multiple sources confirmed.
All EU member states (except Denmark) are required under EU treaties to adopt the euro once they meet the economic and legal criteria. Sweden avoids this by not joining the 'waiting room,' and Hungary (Forint), Poland (Zloty), Romania (Leu) and the Czech Republic (Crown) are still hesitant.