EU Currents: Bulgaria’s Ascension To The Eurozone
As of January 1, 2026, Bulgaria has become a full member of the eurozone, adopting the euro in place of their long-standing currency, the lev. Bulgaria will become the 21st member to join the economic alliance, a moment 19 years in the making since the nation joined the European Union back on New Year’s Day in 2007. Bulgaria has been looking to galvanize their ties to the EU in recent years, despite a rocky economy, political strife and skepticism among many Bulgarians when considering full membership in the eurozone.
A Storied History
The lev, meaning lion in Bulgarian, has been a constant across generations of Bulgarians, dating back to 1880 when it was adopted two years after the nation split from the Ottoman Empire. The nation’s new euro coins will continue to honor the nation’s history, with the two-euro coin including an image of Paisius of Hilendar, an Orthodox cleric who compiled the history of the Bulgarian people in 1762 when he wrote Slav-Bulgarian History.
Additionally, the one-euro coin features an image of St. John of Rila and the 50-cent coin shows an image of the Madara Horseman, a rock relief from the 7th century that is also a tourist attraction.
However, these historical nods have not softened resistance to change. From the average citizen to the halls of Bulgaria’s government, consternation has been persistent. In a survey published last June by the Ministry of Finance, 46.8 percent of respondents opposed the switch, with 46.5 in favor and a further 6.7 percent of respondents were undecided.
Who Really Wanted This?
Opposition amongst the citizens seems to be cut across generational lines. Younger and more urbanized Bulgarians see the move to the eurozone as a culmination of the journey that began in 2007 and a necessary step towards moving to relevance within the EU.
For some older and more conservative Bulgarians, the move makes them feel as if they have been left out in the cold, especially for those who own businesses. A small business owner in the town of Gabrovo was quoted as saying “I don’t want the euro, and I don’t like the way it has been imposed on us,” and that if it was put to a vote, “70% of the people would vote against it.”
Bulgarian President Rumen Radev has proposed several referendums regarding this measure. The impression amongst those opposed to the adoption of the euro is that the process has advanced through non-democratic means. Additionally, many believe that adoption of the euro signals that Bulgaria is losing its status as a sovereign state, and that they will end up beholden to European interests.
Radev stated last May that adopting the euro “must take place with a strong national consensus–through the inner conviction of the people, not through dismissive disregard of their will”. In spite of the support that these referendums have gained within several minority parties, they have all been rejected by the government, most recently on December 3rd, 2025.
Last fall, Prime Minister Rosen Zhelyazkov wrote on X, “We thank all institutions, partners and everyone whose efforts made this landmark moment possible. The government remains committed to a smooth and effective transition to the euro in the interest of all citizens.”
The Only Constant Is Change
Against the backdrop of positive government messaging towards entry into the eurozone, the Zhelyazkov government has been dealing with a public that has recently called for fair elections and a robust, independent judiciary.
Thousands took to the streets last month to protest a new budget that would have resulted in higher taxes and increased government spending. These protests forced the government’s hand, initially resulting in budgetary measures being tabled, and soon after, the resignation of the Zhelyazkov government.
The most recent change in government will now bring on the eighth election in only four years, as President Radev is heading up a caretaker government. The makeshift government led by Radev faces the massive challenge of operating without an established budget in place during their critical transition to the eurozone.
Improving the economy will hinge on how Bulgaria can focus on internal investments, whether Bulgarians who have left the country can be persuaded to return, access to the green economy and mitigating the effects of an aging population, a common concern across the EU.
To chart a path forward, Bulgaria can look at other nations with similar histories, like Estonia, Latvia and Lithuania. Like Bulgaria, these nations are former Soviet-bloc nations that utilized the euro to springboard themselves into the new order promised by the EU.
The “Baltic model”, as it came to be known, entails the method by which those nations introduced the euro, doing so while simultaneously providing reforms to improve administrative tasks, drive investment, and root out corruption.
What Does The Future Hold?
Bulgaria has already made some progress in the administrative realm. In the early days of the currency change, over one billion leva has already been swapped to euros. Additionally, investment within the nation will continue with help from the EU, which has already contributed 16.3 billion euros to Bulgaria since 2007.
Corruption will also be an issue that will be important for Bulgaria to resist. Given that one of the main goals of last month’s protests was the establishment of a strong and independent judiciary to fight corruption, the Radev government must maintain a position of integrity.
The lack of stable governance can derail this transition and could burn up any goodwill even amongst those who fervently agreed with the move to the eurozone. The lev/euro swap is still in a very tenuous stage and there is valid concern that Bulgarians could be taken advantage of by retailers.
Though this type of behavior has occurred, typically with private individuals attempting to sell products at the same amount in euros that it would be in leva, it has fortunately been a rare occurrence, according to the Consumer Protection Commission.
With an election likely on the horizon as early as October, Bulgaria has less than nine months to ensure a smooth transition into the eurozone before a new government is established. Addressing concerns surrounding government corruption, stability and spending will be key to getting the public behind the transition.
