Bulgaria's Historic Transition to the Euro
Bulgaria officially joined the eurozone on January 1, 2026, becoming the 21st member state to adopt the European single currency. At midnight, the country bid farewell to its national currency, the lev, which had been in circulation since Bulgaria's founding in 1880. This historic transition marks a significant milestone in Bulgaria's European integration journey, nearly two decades after the country joined the European Union in 2007.
Mixed Public Sentiment and Economic Implications
The euro adoption comes with deeply divided public opinion. According to recent surveys, only 51% of Bulgaria's 6.7 million citizens support the move, while 45% would have preferred to keep the lev. 'The euro makes payments and travel easier for Bulgarians,' said European Commission President Ursula von der Leyen. 'New opportunities will emerge for Bulgarian businesses, allowing them to benefit more from the common European market.'
European Central Bank President Christine Lagarde highlighted the economic benefits during her November visit to Sofia, noting that eliminating currency exchange would save Bulgarian businesses and citizens approximately 500 million euros annually in transaction costs.
Inflation Concerns and Price Monitoring
Opponents of the euro adoption primarily fear price increases, a legitimate concern for a country where the average gross monthly income stands at just 1,300 euros. 'Many Bulgarians worry they cannot afford potential price hikes,' explained Sofia-based economist Dimitar Radev. 'The memory of previous euro adoptions in other countries, where some businesses used the transition to raise prices, remains fresh.'
To prevent such abuses, Bulgarian authorities have implemented strict monitoring measures. Since August 2025, they have been publishing daily prices of 101 common products on a dedicated website, a practice that will continue until August 2026. This transparency initiative follows Croatia's example, which fined businesses for unjustified price increases during its euro transition three years ago.
Political Instability and Sovereignty Concerns
The euro adoption occurs against a backdrop of significant political turmoil. Bulgaria has held seven national elections in the past four years, with an eighth likely coming soon. The country has struggled to form a stable government, with corruption allegations and political infighting dominating the landscape. In November 2025, the government resigned following mass protests against a budget that raised taxes to fund salary increases for public officials.
Beyond economic concerns, many Bulgarians fear losing national sovereignty. 'With the lev, we're giving away part of our independence,' said Ivan Petrov, a small business owner in Plovdiv. 'The distrust toward our government runs deep, and now we're handing monetary policy to Brussels.'
Geopolitical Significance and Russian Interference
The euro adoption carries significant geopolitical weight. Investigative journalists have uncovered evidence that Russia financed a disinformation campaign to sow division about the euro transition. In February 2025, thousands of supporters of the pro-Russian Revival party attempted to storm the European Union office in Sofia to protest the euro adoption.
Despite these challenges, Bulgaria meets all euro convergence criteria. The country's economy is growing above the EU average, with a state debt of just 24% of GDP - one of the lowest in the European Union. The lev had been pegged to the euro since 1999 through its previous link to the German mark, making the technical transition relatively smooth.
Unique Cultural Representation
Bulgaria brings unique cultural representation to the eurozone. The country's euro coins will feature the Madara Rider, a UNESCO World Heritage site, along with depictions of Bulgarian saints Ivan Rilski and Paisius of Hilendar. This makes Bulgaria the first Orthodox Christian country to feature religious figures on its euro coins.
Additionally, Bulgaria has already left its mark on euro banknotes. Since the country joined the EU in 2007, the Cyrillic spelling 'EBPO' has been added alongside 'EURO' and the Greek 'EYPΩ' on euro banknotes, making Bulgaria the only EU country using the Cyrillic alphabet.
Transition Period and Practical Implementation
The practical transition includes a one-month period where both lev and euro will be legal tender, with dual pricing displays continuing through August 2026. The conversion rate is fixed at 1 euro to 1.95583 lev, maintaining the peg established in 1999.
While the road to euro adoption has been longer than initially planned - Bulgaria entered the waiting room in 2020 but faced multiple delays due to high inflation - the country's commitment to European integration remains strong. As tourists flock to Bulgaria's popular Black Sea resorts like Sunny Beach this summer, they'll find paying for drinks and services simpler than ever, without needing to exchange currency first.