Bulgaria has officially adopted the European Unified currency, the euro, instead of its national currency “Lev”, about 19 years after its accession to the European Union.
“We did it!”
Bulgarian Prime Minister Rossine Giliazkov announced this transformation, saying: “We have done it!” He added through the “X” platform: “We thank all institutions and partners and everyone who contributed to this historical moment. The government will remain committed to a smooth and effective transfer to the euro for the benefit of all citizens.”
European Union Finance ministers have set the euro exchange rate at 1.95583 Lev Bulgarian.
High European congratulations
European Commission President Ursula von der Line, and European Central Bank President Christine Lagarda Bulgaria congratulated this step, as Lagarde said: “We are happy to welcome you,” while Von der Line said: “The euro will enhance the Bulgarian economy and bring great benefits to the people and Bulgarian companies.”
As for the Vice -President of the European Commission, Valdes Dombrovscis, he said: “Joining the euro region is not limited to replacing the currency, but rather is to build a brighter and prosperous future for Bulgaria in the heart of Europe.”
Political background divided and popular fears
Despite the approval of the European Commission and the European Central Bank after a positive evaluation, the Bulgarian people are still divided around the move.
Bulgaria witnessed political turmoil during the past three years, when seven elections were held, the last of which was in October 2024. Despite the official approval, there are still fears among the Bulgarians of high prices and low purchasing power.
President Romin Radif has sparked controversy by his proposal to organize a popular referendum on the new currency, but Parliament refused this. Since June, protests have been organized in the capital, Sofia, calling for the maintenance of “Lev”.
The euro area is expanding
The euro actually began to be used in 2002 with only 12 countries, including France, Germany and Italy, then the region gradually expanded. Slovenia joined in 2007, Cyprus and Malta in 2008, Slovakia in 2009, then Estonia, Latvia and Lithuania, to Croatia in 2023.
Bulgaria was hoping to join early, but the high levels of inflation disrupted their entry. The countries wishing to join the euro area are required to maintain an inflation rate of no more than 1.5 percentage points, the rates of the three best -performance countries in the Union.
