SOFIA, Bulgaria — Bulgaria on Thursday officially adopted the euro, becoming the 21st country to join the eurozone and marking a historic shift nearly two decades after the Balkan nation entered the European Union.
The move replaces the lev, Bulgaria’s national currency since the late 19th century, with the single European currency, a transition greeted with both celebration and unease across the country.
At midnight, Bulgaria formally abandoned the lev, with images of newly minted Bulgarian euro coins projected onto the Bulgarian National Bank building in central Sofia as crowds gathered despite freezing temperatures to usher in the New Year and the currency change.
“I warmly welcome Bulgaria to the euro family,” European Central Bank President Christine Lagarde said in a statement, describing the euro as a “powerful symbol” of shared values and collective strength within the EU.
For some Bulgarians, the moment carried a sense of optimism. “Great! It works!” said Dimitar, 43, shortly after withdrawing 100 euros from an ATM minutes after midnight.
Successive Bulgarian governments have long argued that euro adoption would strengthen the economy of the EU’s poorest member state, deepen integration with Western institutions, and provide insulation from Russian influence.
President Rumen Radev, speaking shortly before midnight, hailed the move as the “final step” in Bulgaria’s European integration.
However, he also expressed regret that the issue had not been subjected to a national referendum, saying the lack of public consultation reflected a widening gap between the political elite and citizens.
“This refusal was one of the dramatic symptoms of the deep divide between the political class and the people,” Radev said, referencing mass protests that have rocked the country in recent years.
Public opinion remains sharply divided. According to the latest Eurobarometer survey, 49 per cent of Bulgarians oppose adopting the euro, with fears centred on rising prices and stagnant wages.
Those anxieties have been amplified by political instability, including anti-corruption protests that brought down a conservative-led government in mid-December and pushed the country toward its eighth election in five years.
“People are afraid that prices will rise, while salaries will remain the same,” a woman in her 40s told AFP in Sofia. At major markets in the capital, vendors displayed prices in both levs and euros, as required during the transition period.
Supporters of the change argue the fears are overstated. “The whole of Europe has managed with the euro, we’ll manage too,” said Vlad, a retiree shopping at one of Sofia’s largest markets.
European Commission President Ursula von der Leyen said Bulgaria’s eurozone entry would ease travel and trade, boost market transparency, and enhance competitiveness.
Central bank governor Dimitar Radev echoed that view, saying the euro represented “a sign of belonging” rather than just a currency.
Outgoing Prime Minister Rossen Jeliazkov sought to reassure citizens, insisting inflation pressures were not linked to euro adoption. However, official data shows food prices rose by five per cent year-on-year in November, more than double the eurozone average, fuelling public concern.
“Unfortunately, prices no longer correspond to those in levs,” said pastry shop owner Turgut Ismail, 33, who said some prices had already begun rising.
Some logistical challenges have also emerged, with business owners complaining of difficulties accessing Euro starter packs ahead of the switch.
Despite the controversy, Bulgaria’s accession expands the eurozone to more than 350 million people. The euro was first introduced in 12 countries in 2002, with Croatia the most recent entrant in 2023. For Bulgaria, the shift closes a long chapter in its post-communist transformation — even as debate over its economic and social impact continues.
