Bulgaria Protests Against Euro Adoption, Citizens Demand Referendum on Currency Change

Thousands gathered in Sofia's central square to protest Bulgaria's planned adoption of the euro. The European Union has approved Bulgaria's entry into the eurozone starting January 1, 2026. Protesters, led by civic groups and nationalist parties, demanded a referendum on the currency change. They plan to establish a tent camp named "Town of the lev" after the national currency.

The leader of the pro-Russian Vazrazhdane party, Kostadin Kostadinov, addressed the crowd. He warned that adopting the euro would strip Bulgaria of its financial autonomy. "Someone else will decide how we spend our money," he stated, expressing concerns about the European Central Bank's influence over Bulgaria's budget. He described this as an "anti-state coup" and "treason."

Political Tensions and Opposition

Vazrazhdane has submitted a no-confidence motion against the government, accusing it of failing to stabilize public finances and pushing for forced euro adoption. The vote is expected next week, but the pro-EU coalition is likely to remain in power. Meanwhile, lawmakers from Germany, Lithuania, Romania, the Czech Republic, Slovakia, and Hungary have shown support for the protest.

Bulgaria joined the EU in 2007 and is nearing its eurozone accession. The final steps involve approval from both the European Parliament in Strasbourg and the Economic and Financial Affairs Council in Brussels on July 8. This follows the European Council's endorsement for Bulgaria to join on January 1, 2026.

Economic Concerns and Euroscepticism

Bulgaria's EU membership has been marked by political instability and corruption, fueling euroscepticism among its 6.4 million citizens. Opponents of the eurozone have spread false claims on social media, heightening fears of economic changes that could lead to increased poverty.

Economists argue that joining the eurozone will not drastically alter Bulgaria's economy in the short term. The Bulgarian lev is already pegged to the euro at a fixed rate of 1 lev for every 51 eurocents by law. This means that immediate economic impacts are unlikely.

The protestors' concerns highlight ongoing debates about national sovereignty and economic policy within Bulgaria. As the country approaches its eurozone accession date, these discussions are expected to continue shaping public opinion.

With inputs from PTI