Bulgaria, referendum on entering the eurozone - President Radev's proposal criticized by the government
Bulgaria's President Rumen Radev has proposed a referendum on the country's plans to adopt the euro currency next year. The proposal has drawn criticism from the government, with a minister saying it was an attempt to "sabotage" the initiative.
The proposed referendum question "Do you agree that Bulgaria should adopt the single European currency, the euro, in 2026?" will put democracy to the test and provide an opportunity to hear all the arguments for and against the monetary policy move.
The government plans to introduce the euro in January 2026, pending confirmation in June from the European Commission and the European Central Bank that it has met all the requirements for membership. The move has been postponed twice in previous years due to missed inflation targets.
Bulgarians express their doubts about the introduction of the euro, with many explaining that it will cause price increases, as was the case in Croatia when it introduced the euro in 2023.
President Radev has reflected concerns about rising inflation, a lack of trust in the government, and the lack of clear measures to protect purchasing power and economic competitiveness during the planned currency transition. He has called for a transparent discussion on the impact of the euro, stressing that the referendum result would provide clarity on the path of the country's economic and monetary policy.
Bulgaria's currency, the lev, has long been pegged to the euro, and economists say introducing the single currency would bring more foreign investment to the country and provide credit rating improvements that could lower debt financing costs.
The new government has reaffirmed a commitment to the single currency bloc and in March approved a 2025 budget that targets a deficit of 3% of its economic output.
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