Bulgaria: Sofia is aiming for the euro

Monday, Feb 17, 2025

OBCT

Bulgaria prioritizes Eurozone entry, but experts debate readiness amid economic concerns and political division.

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[This is an automatically generated summary, for reference only]

The new Bulgarian government has made joining the eurozone a strategic priority, despite formal criteria being met, as public and expert opinion remains divided on the matter. While Prime Minister Rosen Zhelyazkov emphasized this goal, Finance Minister Temenuzhka Petkova tempered expectations, suggesting the request for a convergence report from the European Central Bank will only happen after the 2025 budget is presented, with hopes of joining by January 1, 2026. Some analysts view hesitation as political maneuvering, while others argue Bulgaria lacks real economic convergence, citing low GDP and price levels compared to the EU average. Supporters believe adopting the euro offers benefits like reduced investment risk and easier trade, noting the lev is already pegged to the euro. Critics warn of potential inflation and social inequality. The issue is also seen through a geopolitical lens as a path to greater European security. However, nationalist parties oppose the process, and public opinion is split between those fearing economic decline and those expecting material stability.

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