SOFIA — Bulgaria has become the 21st country to adopt the euro, giving up the lev at midnight in a moment that drew both celebration and unease in a nation divided over the change and anxious about inflation and political instability.
As the clock struck 12, images of Bulgarian euro coins were projected onto the central bank’s facade in Sofia. “I warmly welcome Bulgaria to the euro family,” European Central Bank President Christine Lagarde said, calling the single currency a “powerful symbol” of shared values and collective strength. European Commission President Ursula von der Leyen said the move marked “an important milestone” that would make travel and living abroad easier, boost market transparency and competitiveness, and facilitate trade.
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On the streets, the rollout was immediate and tangible. “Great! It works!” exclaimed a man named Dimitar after withdrawing 100 euros from an ATM shortly after midnight. At one of Sofia’s largest markets, vendors posted prices in both leva and euros for everything from groceries to New Year’s Eve sparklers. “The whole of Europe has managed with the euro, we’ll manage too,” one shopper said. But others worried. “People are afraid that prices will rise, while salaries will remain the same,” a woman in the capital said.
President Rumen Radev heralded the switch as the “final step” in Bulgaria’s integration into the European Union, which it joined in 2007. Still, he lamented that Bulgarians were not consulted by referendum, calling the refusal a symptom of the rift between political elites and the public and pointing to mass demonstrations in recent months.
The decision comes amid deep political churn. Anti-corruption protests swept a conservative-led government from office in mid-December, leaving the country headed toward what would be its eighth election in five years. Against that backdrop, perceptions of price pressure loom large. According to the National Statistical Institute, food prices rose 5% year over year in November—more than double the eurozone average.
Outgoing Prime Minister Rossen Jeliazkov sought to reassure the public, saying he was counting on the understanding of citizens and businesses and emphasizing that inflation in the Black Sea nation was not linked to euro adoption. Central bank governor Dimitar Radev said the euro signified more than “just a currency — it is a sign of belonging.”
Yet skepticism runs deep. The latest Eurobarometer survey found 49% of Bulgarians opposed the switch. Analysts warn that any hiccups could be exploited by anti-EU politicians. “Given Bulgaria’s ongoing political instability, any problems with euro adoption would be seized on” by opponents, said Boryana Dimitrova of the Alpha Research polling institute.
There were early logistical complaints. Some business owners said it was difficult to get hold of euros, and shopkeepers reported that the euro starter packs they ordered had yet to arrive. A pastry shop owner said prices had already begun to surge, adding that “prices no longer correspond to those in leva.”
The euro was first rolled out as cash in 12 countries on Jan. 1, 2002; Croatia joined in 2023. Bulgaria’s accession brings the number of Europeans using the single currency to more than 350 million, underscoring its reach as an economic and political project even as the country grapples with the immediate test of maintaining price stability and public confidence in the days ahead.
By Abdiwahab Ahmed
Axadle Times international–Monitoring.
