Bulgaria faces protests as Euro adoption nears approval

By Al Mayadeen English
Source: Agencies
31 May 2025 09:22

Economic fears, political tensions, and social divides fuel Bulgaria’s debate over joining the eurozone.

Listen

A demonstrator holds a sign that reads in Bulgarian, "Our life is corruption" during an anti-corruption protest in Sofia, Bulgaria, Saturday, April 12, 2025. (AP)

As Bulgaria approaches expected approval from Brussels to adopt the euro in June, public opposition has surged, sparking nationwide protests and debate over the future of the country’s national currency, the lev.

“If Bulgaria joins the eurozone, it will be like boarding the Titanic,” said Nikolai Ivanov, a retired senior official, during a protest in Sofia calling on the government to abandon its euro plans.

Public anxiety has grown steadily since the start of the year, with demonstrators demanding a national referendum. Many are haunted by memories of the country’s 1996–1997 financial crisis, when inflation soared above 300% and 14 banks collapsed.

Recent polls show nearly half of Bulgarians oppose euro adoption, and the movement has reignited Eurosceptic sentiment. In some demonstrations, protestors have even waved Russian flags, a symbol of defiance against Brussels.

The protests have been amplified by misinformation and conspiracy theories. On social media, unfounded claims have circulated, including allegations that “Brussels will confiscate your savings to finance Ukraine” once the euro is introduced.

The far-right Vazrazhdane party has led much of the resistance, organizing protests across the country and planning another large demonstration in Sofia this Saturday. The party has used the issue to galvanize its base, especially in rural areas and small towns where skepticism of international institutions runs deep.

President Rumen Radev added momentum to the anti-euro movement by supporting a referendum proposal earlier this month. He accused the government of failing to protect “the most vulnerable” from potential economic shocks tied to the currency switch.

Government and institutional response

President Radev’s referendum push was met with sharp criticism. Legal experts, including Assembly Speaker Natalia Kiselova, labeled the move unconstitutional. The proposal was ultimately not brought to a vote in parliament.

Boriana Dimitrova, director of the Alpha Research Institute, described the president’s stance as “a well-calculated political move” aimed at appealing to voters frustrated with the country’s prolonged political instability and economic stagnation.

Despite joining the European Union in 2007, Bulgaria remains its poorest member state. According to Eurostat, one in three Bulgarians was at risk of poverty or social exclusion last year.

The euro debate has underscored a deep social divide. In urban areas like Sofia, support for euro adoption is stronger. “In Sofia and the larger cities, the population, wealthier, better educated, and younger, sees it as a logical next step in the European integration process,” Dimitrova noted.

But in rural communities, skepticism prevails. Many citizens have never traveled abroad or dealt with foreign currencies. This lack of exposure fuels fears about losing economic control and national identity.

“There’s still confusion,” said Dimitrova. “Some people ask if the Bulgarian euro will even be valid in France or Germany.”

Despite public resistance, Bulgaria’s technical preparations for the transition are nearly complete. Financial institutions and banks are ready, and the designs for the national euro coins have already been finalized.