Bulgaria set to adopt the euro after years of delays

Bulgaria, situated in Southeast Europe, is on the verge of achieving its long-term aspiration of joining the euro currency union, having received approval from the European Commission to adopt the euro on January 1, 2026. This significant step comes after Bulgaria met the necessary convergence criteria established by the European Union, which include maintaining low inflation, managing public debt, and achieving stable exchange rates. The country's movement towards euro adoption has been marked by political instability, economic challenges, and public skepticism. Despite these hurdles, the Bulgarian government is committed to transitioning from its national currency, the lev, to the euro. Historically, Bulgaria joined the EU in 2007 and agreed to introduce the euro as part of its accession commitments. However, various factors, including financial instability and high inflation in recent years, delayed this transition. Currently, Bulgaria is preparing for a considerable public shift as it plans to change its currency, with significant measures in place to ease the transition for citizens, such as a six-month period during which they can exchange lev for euros without commission. Public opinion on euro adoption has been mixed, with recent surveys indicating that a majority of Bulgarians are against the move, fueled by fears of inflation and doubts about economic readiness. Protests and campaigns against euro adoption have emerged, largely driven by nationalist and pro-Russian factions who advocate for maintaining the national currency. Additionally, misinformation regarding potential risks associated with the euro has contributed to public apprehension about the change, but the government's commitment to this change remains unwavering. In light of the green light from the European Commission, the Bulgarian government is now focusing on preparing its economy for this transition. The aim is to bolster trade, investment, and economic stability in Bulgaria by adopting the euro, and it is seen as an essential step towards further integrating with Western Europe. Euro adoption will also enable Bulgaria to participate more actively in discussions and decisions within the eurozone. As the deadline approaches, more discussions within the country are anticipated regarding the implications and benefits of adopting the euro.