Bulgaria is preparing for its accession to the euro, according to a European Union announcement last week, which was welcomed by the government as another step towards deeper convergence with Europe.

The country has experienced financial difficulties and GDP is still two -thirds of the EU average after nearly two decades of integration. However, for millions of Bulgarians who lived bank bankruptcies, financial crises and the painful transition of the 1990s, their currency – Lev – is more than banknotes and coins, is a symbol of stability.

Half don’t want the euro

A Eurobarometer poll showed that the Bulgarians are divided in the middle of the euro, the integration scheduled for early 2026. In addition, it is twice as skeptical of the EU average, according to a study published in May, with far -right politicians.

Bulgaria would only be the second country to adopt the euro since Greece flirted with the exit from the single currency a decade ago. Croatia joined 2023, following other former communist nations such as Slovakia and the Baltic countries.

The largest economies in the region – Poland, Romania, the Czech Republic and Hungary – have all put the euro second. At a Bloomberg event in Prague this week, Czech Czech Czech Commander Ales Michl praised the virtue of the existence of a national coin to combat inflation.

Concern to raise prices

In Bulgaria, the prospect of currency change causes fears, especially between low -wage and pensioners with hard currency savings. While politicians point out benefits such as increased investment and lower borrowing costs over time, many citizens are worried that prices will go up in the short term, the Bloomberg news agency notes.

The recent exacerbation of inflation has contributed to the delay in adopting the euro by two years. Bulgaria, one of the most energy -efficient EU economies, was hit hard by the Russian war in Ukraine. Prices rose at the fastest pace since the 1990s.

Despite the fears, the Bulgarians are pro -European. More than half say they trust the EU, twice as much as they trust the government. A recent government proposal in favor of the euro was supported by more than two -thirds of the Bulgarian MPs.

Rallies

The problem for officials is that they find it difficult to find a common language with those who, unlike large businesses, do not see the immediate benefits of transactions in a common currency. It is easier for populist parties: protests supported by the far -right, pro -Russian Renaissance party have gathered thousands of people across the country for a second weekend.

Renaissance leaders, who have become the third largest party in the Bulgarian parliament, vow to get the country out of NATO and to renegotiate its accession to the EU. They argue that the adoption of the euro is a further loss of sovereignty, although during a visit to the US last month.

The attitude of the Bulgarian president

President Roumen Radev, the most popular political figure in the country, has in the meantime questioned whether Bulgaria is ready. His request for a referendum on the inclusion date was rejected by parliament last month. It called the EU decision last week to give the green light for Bulgaria’s accession “joy for rulers and alarm for the people” that are worried about price increases.

“Policy -executives should have done a better job to inform the public about the benefits of the common currency, even if the entry into the monetary union is a technical issue,” said Dennis Schen, Scope Ratings economist.

“Bulgarians are not the first people in a country preparing to adopt the euro that have proven cautious about the benefits of the common currency,” he said. “But support for the euro tends to grow after adoption, as people’s worst fears prove to be unfounded.”

The government has promised in recent weeks to combat speculative price increases, and regulatory authorities have pointed out that they would intensify retailers’ control. By signing a series of agreements with business lobby, labor unions, banks and insurance companies, Prime Minister Rosen Zeliazkov said Monday that the aim is to prevent any “unjustified prices” attempt.