SOFIA, Bulgaria — Bulgaria marked a significant economic milestone Thursday as it formally adopted the euro, becoming the 21st member of the European single-currency union. For the first time, Bulgarian citizens withdrew euro banknotes from ATMs across the capital city, initiating the transition from their national currency, the lev.
While the lev will remain in circulation for cash transactions throughout January, all change will be exclusively provided in euros. This monetary integration represents the latest step in Bulgaria’s economic evolution since joining the European Union in 2007 as one of its most economically challenged members. The transition underscores the nation’s continued integration into European structures following its shift from a Soviet-style command economy to market democracy after 1989.
The historic currency adoption occurs against a backdrop of political instability. The conservative-led government resigned earlier this month following widespread anti-corruption protests, leaving the country without an approved budget for the upcoming year. This political vacuum has hampered critical reforms and delayed access to EU support funds.
Public sentiment remains mixed, with many citizens expressing concerns about potential price increases and economic uncertainty. Nationalist and pro-Russian factions have amplified these fears, suggesting the euro adoption could erode national identity and exacerbate poverty. Despite these challenges, Bulgaria successfully reduced inflation to 2.7% this year to meet EU convergence criteria, following Croatia’s similar transition in 2023.