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Bulgaria became the 21st state to power to the euro arsenic it entered the New Year connected Thursday (January 1, 2026), a milestone met with some cheers and fears, astir 20 years aft the Balkan federation joined the European Union (EU).
At midnight (2200 GMT Wednesday (December 31, 2025), Bulgaria gave up the lev currency, which has been successful usage since the precocious 19th century, and Bulgarian euro coins were projected onto the cardinal bank's building.
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Successive governments successful the state of 6.4 cardinal radical person advocated joining the euro, hoping that it volition boost the system of the European Union's poorest member, reenforce ties to the West and support against Russia's influence.
But Bulgarians person agelong been divided implicit the switch, with galore worrying the instauration could usher successful higher prices and adhd to the governmental instability rattling the country.
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In a code broadcast soon earlier midnight, President Rumen Radev hailed the euro adoption arsenic the "final step" successful Bulgaria's EU integration, arsenic thousands of radical braved sub-zero temperatures successful the superior Sofia to observe the New Year. Mr. Radev nevertheless voiced regret that Bulgarians had not been consulted by referendum connected the adoption.
"This refusal was 1 of the melodramatic symptoms of the heavy disagreement betwixt the governmental people and the people, confirmed by wide demonstrations crossed the country."
Anti-corruption protests swept a conservative-led authorities from bureau successful mid-December, leaving a state anxious astir ostentation connected the verge of its eighth predetermination successful 5 years. "People are acrophobic that prices volition rise, portion salaries volition stay the same," a pistillate successful her 40s who declined to springiness her sanction told AFP successful Sofia.
At 1 of the city's largest markets, stalls displayed prices of everything from groceries to New Year's Eve essentials specified arsenic sparklers successful some levs and euros. "The full of Europe has managed with the euro, we'll negociate too," retiree Vlad told AFP.
Easier trade, question
European Commission president Ursula von der Leyen said connected Wednesday (December 31, 2025) that Bulgaria's determination into the eurozone marked "an important milestone" that would bring "practical benefits" to Bulgarians.
"It volition marque travelling and surviving overseas easier, boost the transparency and competitiveness of markets, and facilitate trade," she said.
Central slope politician Dimitar Radev said the euro symbolised overmuch much than "just a currency — it is simply a motion of belonging". But according to the latest Eurobarometer survey, 49% of Bulgarians are against the switch.
Outgoing Prime Minister Rossen Jeliazkov sought to reassure the nationalist up of the move, saying helium was "counting connected the tolerance and knowing of citizens and businesses".
He added that ostentation successful the Black Sea nation, which joined the EU successful 2007, was not linked to the euro's adoption. But the concerns of Bulgarians astir ostentation are not idle.
“Food prices roseate by 5 per cent year-over-year successful November, much than treble the eurozone average,” according to the National Statistical Institute.
"Unfortunately, prices nary longer correspond to those successful levs," pastry store proprietor Turgut Ismail, 33, told AFP, saying that prices person already begun surging.
A euro protestation run earlier this twelvemonth tapping into a mostly antagonistic presumption of the azygous currency among overmuch of the colonisation besides fanned fears of terms hikes.
Queues and imaginable disruptions
Given Bulgaria's ongoing governmental instability, immoderate problems with euro adoption would beryllium seized connected by anti-EU politicians, warned Boryana Dimitrova of the Alpha Research polling institute. Some people, including concern owners, person complained that it has been hard to get their hands connected euros, with shopkeepers saying they haven't received the euro starter packages they ordered.
Banks said determination could beryllium immoderate disruption astatine currency machines successful the hours surrounding the switch. Earlier this week, radical queued extracurricular the Bulgarian National Bank and respective currency speech offices successful Sofia to get euros.
The euro was archetypal rolled retired successful 12 countries connected January 1, 2002. Croatia was the latest to join, successful 2023. Bulgaria's accession volition bring the fig of Europeans utilizing the euro to much than 350 million.
