The European Commission is expected to approve Bulgaria’s adoption of the euro beginning in 2026 on June 4. However, public opinion in Bulgaria is mixed, with studies indicating more opposition to this move than support.
Reports from sources within the EC, including Reuters, suggest that Brussels is preparing to deliver a positive assessment.
Concerns among Bulgarians about adopting the euro include potential price increases and diminished government control over monetary policy. Proponents argue that the move would enhance economic stability and improve access to financing. Particularly skeptical are older citizens.
A January survey by Bulgarian radio BNR found that 57.1% of Bulgarians oppose the euro’s introduction, while 39% support it.
According to Eurobarometer data from October and November 2024, 46% of Bulgarians favored euro adoption, up by 9 percentage points from earlier surveys, while opposition remained at 46%.
A Market Links survey conducted in April and November 2024 revealed that 47% did not believe euro adoption would benefit the economy or living standards, while 39% felt it would have a positive effect.
Bulgaria became an EU member on January 1, 2007, committing to adopt the euro without a specific deadline. Joining the eurozone requires meeting Maastricht convergence criteria.
The criteria include price stability (controlling inflation), stable public finances (budget deficit under 3% of GDP and public debt under 60% of GDP), exchange rate stability (participation in ERM II for at least two years without serious disturbances), and convergence of long-term interest rates (averaging no more than 2 percentage points above the lowest EU inflation rates).
Bulgaria entered the ERM II mechanism on July 10, 2020, linking the lev to the euro.
Originally, Bulgaria aimed to adopt the euro by January 1, 2024, but this was postponed due to high inflation from the pandemic and the Ukraine war, as well as insufficient political support in parliament.
The EC’s convergence report, due Wednesday, will assess Bulgaria’s eligibility for euro adoption, likely resulting in a favorable answer. On the same day, the European Central Bank will provide its opinion, though the Commission’s stance will be crucial.
Bulgaria’s Prime Minister Rosen Zhelazkov expressed optimism for a positive report from the EC, assuring that the government would protect consumers post-euro adoption. He mentioned that legal changes related to the euro would ensure the safety of citizens’ savings.
Bulgarian President Rumen Radev and several nationalist parties have criticized eurozone membership, citing concerns over likely price increases.
In early May, Radev proposed a nationwide referendum to postpone eurozone accession. However, the Politico portal notes that the Bulgarian Constitutional Court may declare such a vote unconstitutional, and there is limited enthusiasm for this plan in parliament, with most parties supporting euro adoption.
If Bulgaria proceeds with euro adoption, it will become the 21st eurozone member and the second country, after Croatia, to join in the past decade. (30.05.2025)
Leave a Reply