Africa-Press – Cape verde. Bulgaria entered the New Year on Thursday as the 21st country to adopt the euro, a milestone that was met with applause and concerns, almost 20 years after the Balkan nation joined the European Union.
At midnight, Bulgaria abandoned the lev – meaning “lion,” a symbol present in the country for centuries – and Bulgarian euro coins were projected onto the central bank building.
“I welcome Bulgaria to the euro family,” declared Christine Lagarde, president of the European Central Bank, who considered the euro a “powerful symbol” of “shared values and collective strength.”
“Great! It works!” exclaimed Dimitar, a 43-year-old man, after withdrawing 100 euros from an ATM shortly after midnight.
Successive governments of the country of 6.4 million inhabitants have advocated joining the euro, hoping it will boost the economy of the EU’s poorest member, strengthen ties with the West, and protect against the malign influence of Russia.
But Bulgarians have long been divided on the change, with many worried that the introduction of the euro could lead to rising prices and exacerbate the political instability plaguing the country.
In a speech delivered shortly before midnight, President Rumen Radev hailed the currency change as the “final step” in Bulgaria’s integration into the EU, at a time when thousands braved sub-zero temperatures in the capital Sofia to celebrate the New Year.
Radev lamented, however, that Bulgarians were not consulted by referendum on the adoption of the Constitution.
“This refusal was one of the dramatic symptoms of the deep division between the political class and the people, confirmed by mass demonstrations across the country.”
Anti-corruption protests swept a conservative-led government from power in mid-December, leaving a country anxious about inflation on the brink of its eighth election in five years.
In one of the city’s largest markets, stalls displayed prices for everything from food to New Year’s Eve essentials like fireworks, both in levs—in use since the 18th century, originally equivalent in value to the French franc—and in euros.
“All of Europe got away with the euro, we’ll get away with it too,” said retiree Vlad.
It’s a sign of belonging
European Commission President Ursula von der Leyen said on Wednesday that Bulgaria’s entry into the eurozone constitutes “an important milestone” for the country’s citizens.
Bulgaria’s accession to the eurozone constitutes “an important milestone” for the country’s citizens, who will be able to travel and live more easily abroad, increase the transparency and competitiveness of markets, and facilitate trade.
The governor of the Central Bank, Dimitar Radev, stated that the euro symbolizes much more than “a simple currency – it is a sign of belonging.”
However, according to the latest Eurobarometer survey, 49% of Bulgarians oppose switching to the euro.
Outgoing Prime Minister Rosen Zhelyazkov sought to reassure the public before the change, saying he was “counting on the tolerance and understanding of citizens and businesses.”
He added that inflation in the Black Sea country, which joined the EU in 2007, was not related to the adoption of the euro.
But Bulgarians’ concerns about inflation are not insignificant.
Food prices rose 5% in November, more than double the eurozone average, according to the National Institute of Statistics.
“Unfortunately, prices no longer correspond to prices in levs,” said pastry shop owner Turgut Ismail, 33, adding that costs have already started to rise.
It’s not the right time
A protest campaign against the euro in 2025, led mainly by far-right and nationalist parties, which capitalized on a generally negative view of the single currency among much of the population, has also fueled fears of price increases.
Some people, including business owners, have complained that it has been difficult to obtain euros, with merchants saying they have not received the initial euro packages they ordered.
“It’s not the right time,” complained Stephane, a 64-year-old economist. “Yesterday I saw the figures for Italy, Spain and Germany: their debt is enormous. And we’re going to end up carrying that burden on our backs.”
“The biggest effect is the long-term effect, basically the increase in confidence regarding the currency, the purchasing power of the currency, the confidence of foreign investors, of people who buy Bulgarian debt, but also of people who invest in the country, in different sectors,” Petar Ganev, principal researcher at the Institute of Market Economics, told Euronews.
The adoption of the euro could also impact Bulgaria’s credit rating.
“Credit rating agencies lower our credit rating due to the monetary committee,” Ganev explained.
The euro was first introduced in12 countries joined on January 1, 2002. Croatia, an Adriatic country, was the last to join, in 2023.
With Bulgaria’s accession, the number of Europeans using the euro will exceed 350 million.
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