Bulgaria has adopted the euro, becoming the 21st member of the eurozone as the new year began.
The switch ended the long run of the lev, a currency that had been in use since the late 19th century. For successive Bulgarian governments, joining the euro has been presented as a way to deepen the country’s place inside the European Union, strengthen ties with the West and reduce exposure to Russian influence. On New Year’s Eve, President Rumen Radev described the move as the final step in Bulgaria’s European integration, while also voicing regret that Bulgarians were not asked to approve the change in a referendum.
The adoption is a major symbolic and practical shift. Euro use should make travel and trade easier and place Bulgaria more fully inside the EU’s core economic structures. European Commission President Ursula von der Leyen called it an important milestone and said it would bring practical benefits. Central bank governor Dimitar Radev said the euro represented more than a currency and described it as a sign of belonging.
But the transition has not been greeted with universal enthusiasm. Many Bulgarians fear that prices will rise while wages stay flat. According to the latest Eurobarometer survey cited in the report, 49% of Bulgarians are against the switch. That skepticism matters because Bulgaria has also been dealing with political instability, anti-corruption protests and concerns about inflation ahead of what could become its eighth election in five years.
The timing helps explain why the debate feels so charged. A conservative-led government fell in mid-December after protests, leaving the country unsettled as it entered the new year. Food prices had risen 5% year on year in November, more than double the eurozone average, and some business owners complained about difficulty obtaining euros. At markets in Sofia, prices were already being displayed in both currencies as the public adjusted.
The government has sought to calm concerns by arguing that inflation is not being driven by the currency change itself. Outgoing prime minister Rossen Jeliazkov said ahead of the move that the country’s price pressures were not linked to euro adoption. That assurance may matter as much politically as economically, because opponents can use any early disruption to argue that the switch hurt ordinary households.
The euro has gradually expanded since first being introduced in 12 countries on Jan. 1, 2002. Croatia joined in 2023, and Bulgaria’s entry now lifts the number of Europeans using the currency to more than 350 million. For Brussels, another member in the eurozone reinforces the idea that the single currency remains a continuing project, not a closed club.
For Bulgaria itself, the change is both a promise and a test. If the transition is smooth, officials can point to lower transaction costs, easier cross-border trade and a stronger place inside Europe’s economic core. If prices climb sharply or confusion spreads, the political backlash could be immediate. For now, the country has crossed into the eurozone. The harder question is how Bulgarians will judge the decision once the novelty of the new currency gives way to everyday life.
