Bulgaria officially became the 21st member of the eurozone at the stroke of midnight during the New Year celebrations. The euro officially entered circulation, ATMs began dispensing euros, and the Bulgarian National Bank joined the Eurosystem.

(Source: ECB Press Release, 1 January 2026)

The process was completed after a formal decision was made in July 2025 by the finance ministers of the EU.

Bulgaria has acceded to the eurozone as a means of finishing the integration process within the European Union and switching from a “rule-taker” to a “rule-maker” within the European rules on the economy. Notably, within the current context characterized by globalization uncertainty, membership within the euro is understood to offer a sense of secure anchorage for Bulgaria within the Western institutions, away from the influences from Russia.

Having a crucial advantage of getting the liquidity of funds from the European Central Bank (ECB) in case of a financial crisis, which Bulgaria lacked as a country that used to be on its own. Another advantage of being a country in the Eurozone, Bulgaria has access to the European Stability Mechanism with funds of over €400 billion. Prior to 2026, Bulgaria would have had to go through a financial crisis on its own.

The Bulgarian enterprise community, especially the small to medium-scale enterprises, is set to realize a saving of one billion levs every year due to the reduction in exchange costs. The absence of exchange risks is set to enhance Bulgaria’s credit.

Previously, Bulgaria had to follow ECB interest rate trends in order to maintain its currency peg, but had no influence over those decisions. Now, the Governor of the Bulgarian National Bank has a vote on the ECB Governing Council, helping shape monetary policy across the euro area.

Although it is considered a success in the eyes of the Bulgarian government and the EU institutions, the Bulgarian population is in fact divided over this issue. It is feared that “the transition will result in rounding up prices, meaning more inflation in spite of the fixed exchange rate of 1.95583 levs to one euro.” To make matters easier, prices in both currencies have to be displayed in the shops until August 2026.

The decision to introduce the euro was largely pushed by a domestic group of Bulgarian party and European-leaning politicians, and was also encouraged by EU institutions. There was pressure from Brussels as European leaders were keen to show that the European movement is still expanding and united in spite of global geopolitical stress.

Nonetheless, not everybody was in support of the move. Resistant to the conversion was the Vazrazhdane party, a pro-Russian political party that staged mass protests. For them, the lev currency represents the sovereignty of the Bulgarian nation, while the euro represents poverty, going as far as “the confiscation of bank accounts.”

Perspectives on the euro adoption differ greatly depending on political alignment and broader views of the European project. EU leaders, including Ursula von der Leyen, have described the euro as a “shield” against global uncertainty. From this perspective, bringing Bulgaria into the eurozone closes a strategic gap in Southeastern Europe, making the EU more resilient to external influence, particularly from Russia and China.

For years, some Western European officials have informally described Bulgaria as a “Russian Trojan Horse” within the EU. From this viewpoint, the urgency behind euro adoption was largely geopolitical locking the region firmly into the Western economic and political sphere and limiting Eastern influence.

Many critics argue that the EU has shifted from being a “club of values” to a “club of interests,” willing to override public opinion in pursuit of geopolitical goals. In Bulgaria, public anger is not only about the euro itself, but about a broader feeling of being ignored or silenced.

As a result, there is a growing number of cynical voters who believe democracy has become a façade used by Brussels to mask economic and political expansion.

If a significant portion of Bulgarian society comes to believe that both national and European systems are rigged against them, they may not wait for elections to express their frustration but instead attempt to challenge the system itself.