Bulgaria is set to adopt the EU’s single currency on Jan. 1, but polling shows the Balkan nation is sharply divided on whether it’s a good thing.
POLITICO spoke to some Bulgarians about their fears and hopes, as they say goodbye to their national currency, the lev. Their comments have been edited for length.
Anton Teofilov, 73
Vendor at the open-air market in Pernik, a small city 100 kilometers from Sofia
What do you think about Bulgaria joining the eurozone?
We are a different generation, but we support the euro. We’ll benefit hugely from joining the eurozone. It will make paying anywhere in the EU easy and hassle-free. It would be great for both the economy and the nation. You can travel, do business, do whatever you want using a single currency — no more hassle or currency exchanges. You can go to Greece and buy a bottle of ouzo with the same currency.
What do you think will change in your everyday life once the euro replaces the lev?
I don’t expect any turbulence — from January on we would just pay in euros. No one is complaining about the price tags in euros, and in lev at the moment.
Are you more hopeful or worried about the economic impact of switching to the euro? Why?
The lev is a wonderful thing, but its time has passed; that’s just how life works. It will be much better for the economy to adopt the euro. It will be so much easier to share a common currency with the other EU countries.
What would you like politicians and institutions to do to make the transition easier for ordinary people?
The state needs to explain things more clearly to those who are confused. We are a people who often need a lot of convincing, and on top of that, we’re a divided nation.
Do you think joining the eurozone will bring Bulgaria closer to Europe culturally or politically?
There are 27 member states, and we will become one with them. There will be no difference between Germany and us—we’ll be much closer to Europe.
Petya Spasova, 55
Orthopedic doctor in Sofia
What do you think about Bulgaria joining the eurozone?
It worries me a lot. I don’t think this is the right moment for Bulgaria to join the eurozone. First, the country is politically very unstable, and the eurozone itself faces serious problems. As the poorest EU member state, we won’t be immune to those issues. On the contrary, they will only deepen the crisis here. The war in Ukraine, the growing debt in Germany and France … now we’d be sharing the debts of the whole of Europe. We are adopting the euro at a time when economies are strained, and that will lead to serious disruptions and a higher cost of living.
What do you think will change in your everyday life once the euro replaces the lev?
Even now, when you go to the store and look at the price of bread or other basic foods, we see prices climbing. I’m afraid many people will end up living in extreme poverty. We barely produce anything; we’re a country built on services. When people get poorer, they naturally start consuming less.
Are you more hopeful or worried about the economic impact of switching to the euro? Why?
I’m extremely worried. I don’t want to relive the economic crisis of the 90s, when the country was on the verge of bankruptcy.
What would you like politicians and institutions to do to make the transition easier for ordinary people?
No one cares what people think. Many countries held referendums and decided not to join the eurozone. I don’t believe our politicians can do anything at this point. I’m not even sure they know what needs to be done.
Do you think joining the eurozone will bring Bulgaria closer to Europe culturally or politically?
I feel offended when I hear this question. We’ve been part of Europe for a very long time, long before many others. We can exchange best practices in culture, science, education, and more, but that has nothing to do with the eurozone. Joining can only bring trouble.
Svetoslav Boninski, 53
Truck driver from Gabrovo, a small city in central Bulgaria
What do you think about Bulgaria joining the eurozone?
I’m against Bulgaria joining the eurozone. We saw how Croatia and Greece sank into debt once they adopted the euro. I don’t want Bulgaria to go down the same path. Greece had to take a huge loan to bail out its economy. When they still had the drachma, their economy was strong and stable. After entering the eurozone, many big companies were forced to shut down and inflation went through the roof. Even the German economy is experiencing a downturn.
What do you think will change in your everyday life once the euro replaces the lev?
I worry that there will be speculation and rising inflation. Five years ago, I
Leave a Reply