Bulgarian authorities expect to get the green light this week from the European Commission and the European Central Bank to introduce the euro from January 1, 2026.
Such an indication comes in the face of anti-euro protests with angry young Bulgarians carrying national and Russian flags, and even an arson attack on the European Commission building in Sofia.
While adoption of the euro was a condition for joining the European Union, legislative failures, including reforms to combat money laundering, concerns over inflation, and political gridlock -- Bulgaria has had seven elections in the past four years -- have made the path difficult.
Still, on June 4, Bulgaria expects a positive assessment from the European Commission and the European Central Bank on whether it is ready to introduce the euro beginning next year.
A decision in favor of adoption will be Bulgaria's second big step in just one year on its path to full integration into the European Union. In January, Sofia became a full member of Schengen agreement -- and Bulgaria's borders with neighboring Greece and Romania are now fully open.
How Is Euro Adoption Possible?
Bulgaria entered the EU in 2007 and, with the signing of the accession treaty, committed to introducing the euro. This goal has been supported by all governments in Sofia since then.
The financial crisis in Greece in 2010 postponed the topic once.
Then a major Bulgarian bank went bankrupt in 2014 and local institutions have not yet fully investigated the causes. It was not until 2020 that Bulgaria became a member of the European Exchange Rate Mechanism, ERM II, the so-called waiting room for the euro.
Adding more bumps on the euro path, Bulgaria has been mired in a period of political turbulence, holding seven parliamentary elections since 2021, and a number of short-lived governments followed.
However, if there was a silver lining to the instability, the turbulence has made anti-corruption reforms a part of the government agenda with reform-minded pro-Western politicians now in parliament.
Why Are Bulgarians Unhappy With The Euro?
Support for the euro has been waning and now more Bulgarians are against its introduction than those who support the single European currency.
The disdain for the euro could be seen in the streets of Sofia and other cities over the weekend, with thousands protesting joining the single currency zone fearing it will harm the economy and push consumer prices higher.
A recent Eurobarometer survey showed 50 percent of Bulgarians are against adopting the euro, while 43 percent are in favor. The explanation can be found in the same survey -- the biggest problem for Bulgarians in recent years has been a rise in the cost of living.
Those fears have fueled even more by the aggressive campaign of anti-European and pro-Russian parties that many accuse of waging a misinformation campaign to scare ordinary Bulgarians.
Leading the campaign has been the Revival party, which recently signed a cooperation agreement with Russia's ruling party, United Russia.
They say that people's savings will be taken away if they don't use them within a certain period of time. Or that the digital euro will be introduced so that the authorities can monitor everyone.
Neither is true, but a general lack of trust in Bulgaria -- in politicians, institutions, and the media -- has helped keep tensions and concerns high.
What Awaits Bulgarians Now?
The introduction of the euro seems irreversible.
Even the surprising action of President Rumen Radev, who requested a referendum at the last minute on the date of the introduction of the single currency, failed to stop its progress.
The Constitutional Court has said it's legally impossible to hold such a vote, while 171 out of 240 deputies in parliament support the government taking the final steps to the introduction of the euro.
How Will Euro Adoption Work?
If all goes to plan, Bulgaria will become the 21st country in the eurozone from January 1.
All prices and salaries will then be denominated in euros.
The exchange rate has long been determined -- 1 euro will equal 1.95583 leva. It has been fixed like this since the very beginning of the euro in 2002, because the Bulgarian lev was previously tied to the German mark.
Prices in some supermarkets are already in both currencies.
People will have six months to exchange their cash savings for euros without commission. Labels on prices will remain in both currencies for at least that period, if not longer.
Experts say the introduction of the euro will boost Bulgaria's economy.
For most Bulgarians, the change will not be that big.
Property prices have long been talked about in euros. Some services are also calculated in euros. Many people's savings are already in euros.
