SOFIA — Bulgaria officially joined the euro zone on Thursday, marking a historic transition by replacing its long-standing lev with the euro. The Balkan nation of 6.7 million people became the 21st member of the currency bloc, a milestone celebrated with fireworks and a projection of euro coins on the Bulgarian National Bank in Sofia. This expansion increases the total number of Europeans using the single currency to over 350 million.
By adopting the euro, Bulgaria gains a strategic seat on the European Central Bank’s Governing Council, allowing it to participate directly in setting interest rates for the region. While the transition has been a goal for successive governments since the country joined the EU in 2007, public sentiment remains divided. Business leaders generally support the move for its efficiency, whereas some citizens express concern regarding potential price inflation and the current domestic political instability.
Analysis: Economic Integration and Public Sentiment
The transition from the Bulgarian lev to the euro represents more than a mere change in legal tender; it is the culmination of a nearly two-decade-long journey toward deep European integration. For businesses and travelers, the benefits are tangible. As noted by local proponents, the shift eliminates exchange rate volatility and the logistical hurdles of currency conversion. On a macroeconomic scale, Bulgaria’s entry—the first since Croatia in 2023—signals the continued expansion of the euro zone despite broader economic shifts.
However, the adoption occurs against a backdrop of significant domestic tension. The recent resignation of the Bulgarian government following protests against tax increases highlights a disconnect between official policy and public confidence. While some citizens, like driving instructor Stefan Bisterkov, view the conversion—roughly 1.96 leva to 1 euro—as a neutral or positive evolution, others harbor skepticism. This wariness is often fueled by fears that retailers may use the transition to “round up” prices, a phenomenon observed in other nations during their respective switchovers. Ultimately, Bulgaria’s success in the euro zone will depend on its ability to navigate these inflationary fears while leveraging its new influence at the European Central Bank.
