On Thursday, Bulgaria became the 21st country to adopt the euro, nearly 20 years after joining the European Union, marking a historic shift from the lev, its national currency in use since the late 19th century.
At midnight (2200 GMT Wednesday), Bulgarian euro coins were projected onto the central bank’s building in Sofia, symbolizing the country’s formal entry into the eurozone. Citizens quickly began using the new currency, with many expressing relief and excitement.
“I warmly welcome Bulgaria to the euro family,” said European Central Bank President Christine Lagarde, describing the euro as a “powerful symbol” of “shared values and collective strength.”
“Great! It works!” exclaimed Dimitar, 43, after withdrawing 100 euros from an ATM shortly after midnight.
A Step Toward Economic Integration
Successive Bulgarian governments have long advocated joining the euro, hoping the move will strengthen the economy, reinforce ties with Western Europe, and reduce reliance on Russian influence.
President Rumen Radev hailed the transition as a “final step” in Bulgaria’s EU integration, as thousands gathered in freezing temperatures in Sofia to celebrate the New Year. Yet, he voiced regret that the decision had not been put to a public referendum.
“This refusal reflects a deep divide between the political class and the people, confirmed by mass demonstrations across the country,” Radev said, referring to recent anti-corruption protests that led to the resignation of a conservative-led government in December.
Despite celebrations, concerns persist. Citizens worry that prices may rise while wages remain stagnant. At Sofia’s markets, vendors displayed prices in both levs and euros, reflecting uncertainty over the currency transition.
“The whole of Europe has managed with the euro; we’ll manage too,” said retiree Vlad.
Benefits and Worries
European Commission President Ursula von der Leyen described Bulgaria’s adoption of the euro as “an important milestone,” highlighting benefits such as easier travel, more transparent markets, and enhanced trade competitiveness.
Central Bank Governor Dimitar Radev echoed these sentiments, calling the euro “more than just a currency it is a sign of belonging.”
Nevertheless, public sentiment remains divided. A Eurobarometer survey found that 49 percent of Bulgarians opposed the switch, citing concerns over inflation. Food prices in November rose five percent year-on-year, more than double the eurozone average, heightening fears that the change could further impact household budgets.
“Prices have already begun surging,” said Turgut Ismail, 33, owner of a pastry shop in Sofia.
Some citizens and business owners also reported difficulties obtaining euros, with starter packages delayed, prompting worries about short-term disruptions.
Looking Forward
Outgoing Prime Minister Rossen Jeliazkov urged patience, noting that inflation was not linked to euro adoption and expressing confidence in citizens’ tolerance and understanding. Analysts, however, warned that any complications could be politically exploited amid ongoing instability.
Bulgaria joins Croatia, which adopted the euro in 2023, bringing the total number of eurozone citizens to over 350 million. The move is seen as a landmark step in Bulgaria’s European integration, even as debates over costs, benefits, and public sentiment continue.
