Bulgaria is set to take a historic step on January 1, 2026, when it will adopt the euro as its official currency and become the 21st member of the eurozone, marking deeper integration with the European Union after nearly two decades of fulfilling economic convergence criteria. The move comes after a long and rigorous process of economic reforms and political negotiations, culminating in formal approval by EU institutions this year. Brussels agreed Bulgaria met the stringent requirements to adopt the euro, including controlling inflation, maintaining fiscal discipline and meeting exchange rate stability conditions. The Council of the European Union adopted the final legal acts needed to enable the transition, fixing the conversion rate of the Bulgarian lev to the euro at 1.95583 lev per euro in preparation for the changeover.
Supporters of euro adoption in Bulgaria have labeled the shift as one of the most significant achievements in the country’s post-communist transformation, arguing that alignment with the single currency will strengthen investor confidence, facilitate trade and embed Bulgaria more firmly in the economic fabric of Western Europe. Proponents say that euro membership will simplify business operations by eliminating currency conversion costs, attracting foreign direct investment and contributing to long-term growth. EU officials, including European Commission leaders, have pointed to these advantages and framed the adoption of the common currency as a key milestone in Bulgaria’s European trajectory.
Yet, enthusiasm for the euro is far from unanimous among ordinary Bulgarians, and the decision has sparked widespread debate and unease across society. Public opinion remains deeply divided, with several polls in recent months indicating that a significant proportion of citizens oppose the switch, citing fears that the transition could drive up living costs. Skepticism is compounded by historically low levels of trust in political authorities amid ongoing concerns about corruption and government instability. With inflation having rebounded in recent months after earlier declines, many Bulgarians worry that prices could rise further once the lev is phased out.
The broader political context has added to uncertainties surrounding the euro adoption. Bulgaria has experienced frequent elections and changes in government over the past few years, reflecting deeper political fragmentation and public dissatisfaction. The outgoing government resigned this year amid mass protests over corruption, leaving questions about how effectively the country can capitalize on eurozone membership to address longstanding structural challenges. Analysts say that while joining the euro area sends a strong signal of commitment to European integration, internal political turmoil could dampen its potential benefits by undermining investor confidence and delaying key reforms.
Opposition voices also frame the euro transition as a threat to national identity and economic sovereignty. Some nationalist and pro-Russian groups have exploited public anxieties by spreading misinformation on social media, including unfounded claims about the euro leading to confiscation of bank accounts or other adverse effects. Such narratives have resonated with older and rural voters, fueling protests and public demonstrations against the currency change.
Economists, on the other hand, caution that while the immediate economic impact of euro adoption may be modest — given that the lev has been effectively pegged to the euro for years — the long-term macroeconomic effects could be positive if structural reforms accompany the transition. The European Stability Mechanism has also approved Bulgaria’s application to join its financial safety net, a move expected to bolster the country’s resilience against economic shocks once it enters the euro area.
As January 1 approaches, Bulgaria is preparing for a dual-currency period in which both the lev and the euro will be accepted for transactions, although change will be given only in euros, and the transition is expected to be closely monitored to protect consumers from unjustified price hikes. The coming weeks will test how well Bulgarians — from policymakers and business leaders to ordinary citizens — adjust to what many see as a defining moment in the nation’s modern history.
