Bulgaria is set to adopt the euro on January 1, becoming the 21st member of the eurozone at a moment of heightened political instability and public unease. While European leaders see the move as a strategic and economic milestone, domestic opposition, fears of rising prices, and concerns about foreign disinformation campaigns continue to fuel mistrust among large segments of the population.
A Strategic Step for Europe and Bulgaria
European Union officials have framed Bulgaria’s euro adoption as both an economic opportunity and a geopolitical necessity. European Commission President :contentReference[oaicite:1]{index=1} said the euro would bring more trade, investment, and higher quality jobs to the EU’s poorest member state.
Economy Commissioner :contentReference[oaicite:2]{index=2} emphasized that deeper integration is essential amid Russia’s war in Ukraine and broader global uncertainty. According to him, smaller European nations gain economic and political weight only through full participation in the EU’s structures.
Public Opinion and Political Turmoil
Despite official optimism, Bulgarian society remains deeply divided. A recent finance ministry survey showed just over half of citizens support joining the euro, while nearly as many oppose it. The issue has intensified political tensions already strained by years of instability.
Bulgaria has endured seven parliamentary elections in four years, alongside repeated corruption scandals that have eroded trust in government. Earlier this month, the government of former prime minister Rosen Zhelyazkov resigned following weeks of nationwide anti-corruption protests.
Fears of Inflation and Loss of Identity
Many Bulgarians fear that the transition will trigger price increases, a sensitive concern in a country where the average monthly salary is around £1,100. Rural communities and pensioners are widely seen as the most vulnerable, despite assurances from Brussels that euro adoption does not typically cause sustained inflation.
Beyond economics, some citizens view the replacement of the lev, first introduced in 1881, as a loss of national identity. Critics argue that removing historic figures from national currency carries symbolic weight that goes beyond monetary policy.
Claims of Disinformation and Foreign Influence
Investigations have linked opposition to the euro to Russian-aligned disinformation campaigns aimed at undermining public trust in European institutions. Bulgarian officials and EU representatives have warned that misinformation has exaggerated fears, including false claims that citizens would lose savings during the conversion.
Dombrovskis said Russia is engaged in a broader hybrid campaign against Europe, involving disinformation, political interference, and other destabilizing tactics.
Transition Period and Looking Ahead
From January 1 to January 31, Bulgarians will be able to use both the lev and the euro, after which only euro payments will be accepted. While the dual-currency period is expected to be stressful for some, supporters argue it will ease the adjustment.
Economists say the success of the transition will ultimately depend on domestic governance rather than the currency itself. Confidence, they argue, will be shaped by how Bulgaria manages prices, institutions, and public trust in the months ahead.
Conclusion
Bulgaria’s adoption of the euro marks a historic shift with significant economic and geopolitical implications. Yet the move also exposes deep internal divisions rooted in political instability, social inequality, and distrust. Whether the euro becomes a symbol of progress or contention will depend on how effectively the country navigates the transition and addresses the concerns of its citizens.
