Bulgarians protest against euro adoption, demand referendum

On May 31, thousands of Bulgarians took to the streets to protest against the government’s push to adopt the euro, calling instead for the preservation of the national currency, the lev.

Demonstrations were held in the capital, Sofia, and across several other cities, with protestors voicing concerns that eurozone membership would erode Bulgaria’s economic sovereignty and lead to higher prices. The rallies were organised by the ultranationalist Revival Party and supported by various non-governmental organisations, Caliber.Az reports, citing European media.

"Revival Bulgaria has the will of the people, and the will of the people now says categorically: we do not want the Bulgarian lev to be destroyed. We want to preserve the Bulgarian currency, we want to preserve the freedom of Bulgaria. And that is why we want such a referendum to be held," said Revival Party leader Kostadin Kostadinov during the protest.

Bulgaria’s new government, formed just last month, has named eurozone accession as one of its top priorities. However, opposition parties and segments of the public are pushing back, demanding a national referendum before any steps are taken.

President Rumen Radev recently submitted a formal request to parliament, proposing a referendum on whether Bulgaria should proceed with adopting the euro as its official currency.

In 2024, the European Central Bank stated that Bulgaria was not yet eligible to join the currency union due to high inflation levels. While Bulgaria is part of the European Union, it remains outside the euro area along with six other EU countries: the Czech Republic, Denmark, Hungary, Poland, Romania, and Sweden. All but Denmark, which has an opt-out clause, are required to adopt the euro once they meet the necessary convergence criteria.

By Khagan Isayev