Ahead of Bulgaria’s anticipated entry into the eurozone as the 21st member, a wave of dissent has surged in the capital, Sofia. Just days before the transition, opponents of adopting the euro mobilized for a significant protest, urging the government to reconsider the timeline and first hold a public referendum.
Thousands of demonstrators flocked to a central square, expressing their disapproval of the government’s plans to introduce the euro. They demanded that the people be given a direct say in the matter. The European Union has already scheduled Bulgaria to transition to the euro on January 1, a decision that has ignited heated debates and opposition rallies in the country.
In the forefront of the demonstration were civic groups alongside nationalist and pro-Russian parties, notably vocal in their skepticism toward adopting the euro. As a symbolic stance, they announced their intention to establish a tent encampment named “Town of the lev,” commemorating Bulgaria’s existing national currency. This encampment aimed to symbolize their commitment to maintaining the national currency.
A prominent protest banner bore the words, “The battle for the Bulgarian lev is the last battle for Bulgaria,” indicating the high stakes perceived by the protestors. Kostadin Kostadinov, the leader of the pro-Russian Vazrazhdane party, emphasized the gravity of the issue, asserting that adopting the euro would mean surrendering the country’s economic autonomy. He argued that this shift would allow foreign entities to dictate Bulgaria’s financial decisions.
Kostadinov also noted international support for their cause, highlighting the presence of lawmakers from multiple European countries like Germany, Lithuania, and others at the protest. This international backing underscores the broader debate on European integration and sovereignty.
In the political arena, the Vazrazhdane party has put forward a motion for a no-confidence vote against the current government. They accuse the incumbent administration of neglecting essential reforms and hastily pushing for the euro’s adoption. This motion is set to be addressed in the parliamentary sessions next week, though the prevailing expectation is that the pro-European Union coalition will maintain its position.
Bulgaria’s journey to eurozone membership is in its final phase, needing approvals from the European Parliament and the Economic and Financial Affairs Council. The country has been a European Union member since 2007, and despite political turmoil and corruption issues during its membership, it nears this significant economic milestone with tentative approval set for January 2026.
The ongoing political instability and corruption have contributed to growing euroscepticism within Bulgaria’s population of 6.4 million. Misinformation proliferates on social media, amplifying fears regarding the transition’s potential economic repercussions and threatening future stability.
Experts, however, argue that the short-term economic impact of adopting the euro will be minimal due to Bulgaria’s current monetary policy. The lev’s exchange rate is fixed to the euro at a rate of 1 lev to 51 eurocents, reducing potential disruptions. Nevertheless, the debate continues as Bulgaria stands at the cusp of a significant economic change.