Bulgaria's long-standing ambition to adopt the euro is set to be fulfilled when the European Commission and the European Central Bank approve their bid, which could come into effect from as early as 1 January 2026, experts told Politico.
The country will become the 21st member state to use the currency, which could strengthen its bond with the European Union and boost the economy through trade with the rest of the bloc.
While long-term benefits are impossible to overlook, many Bulgarians fear the instant impact of the change regarding the cost of living. As has been the case with several other countries to have joined the eurozone in the recent past, basic commodities can skyrocket in price, getting in line with the higher costs experienced across Western Europe.
As a consequence of the widespread scepticism across the country, there were prospects of a national referendum to decide the matter, but the concept has since been put to bed, when Prime Minister Rosen Zhelyazkov expressed the need to be confident and decisive in the matter instead of instilling fear and doubt in the population, as reported by Politico.
Far-right party Revival hosted numerous protests and demonstrations against the introduction of the currency in recent months, citing the loss of national identity and traditions as a reason to stick with the Bulgarian lev. Party leader Kostadin Kostadinov also expressed fears about an inevitable inflation to follow the changes.
Inflation has already been a challenge in the country as it struggled to keep it at the target rate required for eurozone eligibility (within 1.5% of the three EU countries with the lowest inflation), but they now look poised to make the next step in the process and gain EU approval as it dropped 2.1% from 2023 to 2024.
