Protests erupt as Bulgarians reject euro currency adoption

On June 1, 2025, thousands of Bulgarians demonstrated in Sofia and other cities against their government's plans to adopt the euro, calling for a referendum on the matter. The protesters, including members of nationalist parties and civic groups, expressed their frustration with chants such as 'Freedom for the Bulgarian lev' as they carried banners emphasizing their opposition to the euro. Despite government intentions, public sentiment remains deeply divided. A study revealed that a significant portion of the population fears inflation and loss of monetary sovereignty under the euro, leading to widespread opposition. Bulgaria, having joined the European Union in 2007, is under an obligation to adopt the euro but does not have a fixed deadline. Currently, Bulgaria is navigating through the European Exchange Rate Mechanism II (ERM II), which began on July 10, 2020. Initially, there was a plan to transition to the euro by January 1, 2024; however, this was postponed due to high inflation and political instability. Public protests reflect not only fear of economic change but also a broader apprehension about losing control over economic policies. President Rumen Radev has proposed a referendum on euro adoption amidst these concerns, igniting further political conflict. As the European Commission is expected to approve Bulgaria's entry into the eurozone by the beginning of 2026, it is critical to note that public opinion is not unified. Various surveys indicate a consistent trend where more citizens oppose the euro than support it. Recent statistics show a steady increase in opposition, with 57.1% against and only 39% in favor of the transition to the new currency. The socio-economic landscape in Bulgaria, characterized by instability and rising anti-euro sentiment, is prompting debates over national sovereignty versus economic benefits, further complicating the issue. The situation presents Bulgaria with a significant crossroads. Supporters of adopting the euro argue it could lead to improved economic stability and ease of access to financing. However, this perspective clashes with fears of rising prices and diminished control over national monetary policy. The protests signal a critical moment in Bulgarian history, where citizens grapple with the legacy of their past economic struggles and the potential future with the common currency. Ultimately, the path forward will depend on how the government addresses public concerns while balancing the obligation to comply with European Union directives.