Key Points
- Bulgaria officially adopted the euro on Thursday, becoming the 21st member of the eurozone.
- The country’s old currency, the lev, is no longer in use. Public opinion is divided, with many worrying about potential price increases.
- The move gives Bulgaria a seat on the European Central Bank’s governing council.
- The government recently resigned, adding to the political uncertainty surrounding the switch.
Bulgaria officially joined the eurozone on Thursday, celebrating the long-awaited milestone with a fireworks display and a projection of euro coins on the front of its central bank in Sofia. As of midnight, the euro became the country’s official currency, marking the end of the old lev.
This move makes Bulgaria the 21st member of the single-currency group, bringing the total number of Europeans using the euro to over 350 million. For many Bulgarians, the change is welcome. They believe it will make life easier, especially for travelers who no longer need to worry about exchanging money. “My expectations from adopting the euro are positive,” said Antonia Tsvetkova, a jeweler in the capital. “We will only benefit from this.”
However, not everyone is celebrating. Opinion polls show the country is divided on the issue. Many Bulgarians worry that adopting the euro will cause everyday prices for groceries and gas to spike.
This uncertainty is compounded by the fact that the government stepped down last month following major protests over new taxes. The political crisis has left many people suspicious of the country’s leadership.
Despite public sentiment, the business community has largely supported the move for years. For the government, this is the final step in a journey that began when the Balkan nation of 6.7 million people first joined the European Union back in 2007.
Beyond just changing the cash in their wallets, Bulgaria now gets a seat at the table with the European Central Bank. This gives the country a voice in setting interest rates and managing the economy for the entire region. The last country to make this switch was Croatia, which joined in January 2023.
