Wed Dec 31 09:32:49 UTC 2025: Bulgaria Set to Join Eurozone Amidst Public Skepticism

Sofia, Bulgaria – Bulgaria is poised to become the 21st member of the eurozone on Thursday, despite significant public apprehension fueled by fears of inflation and a perceived loss of national identity. While the move marks a step towards further European integration for the Southeast European nation, it comes at a time of political instability and widespread mistrust in the government.

Bulgaria, an EU member since 2007, finally met the Eurozone’s entry criteria in January 2025, paving the way for the currency switch. This will expand the euro’s reach to the Black Sea region and increase the number of euro users to 356 million. The EU has set a conversion rate of 1 euro to 1.95583 Bulgarian lev (BGN).

However, the transition is not without its opponents. Surveys indicate a near-even split in public opinion, with many Bulgarians in smaller towns and villages, particularly pensioners, voicing concerns that the euro will drive up prices and diminish their buying power. The potential loss of national symbols depicted on the lev banknotes has also stirred patriotic sentiments.

Political opposition groups, especially pro-Russian parties, have seized upon these anxieties, claiming the adoption of the euro will compromise Bulgaria’s financial sovereignty and increase its dependence on Brussels. Critics accuse them of spreading misinformation about the currency change.

Despite the concerns, supporters of the euro emphasize the benefits of smoother trade, lower financing costs, and more stable prices. The European Central Bank President, Christine Lagarde, has stated the move is expected to have a modest impact of 0.2 to 0.4 percent in terms of inflation. Businesses that trade across borders and the tourism sector expect to gain the most from the move.

A transitional period is in place to ease the changeover. Prices will be displayed in both leva and euros until August 2026, and the lev will be accepted until the end of January 2026.

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