Bulgaria ushered in the New Year with a landmark change, becoming the 21st country to adopt the euro and bidding farewell to its national currency, the lev, after nearly 20 years of European Union membership.
The move has been celebrated as a historic step toward deeper European integration, even as concerns over inflation and political instability linger among the population.
At midnight, the Balkan nation of 6.4 million officially replaced the lev — a currency whose name means “lion” and has symbolised Bulgarian statehood for centuries — with the euro. In Sofia, euro coins were projected onto the central bank building as crowds gathered in freezing temperatures to mark the occasion.
European Central Bank President Christine Lagarde welcomed Bulgaria into the euro family, calling the single currency a “powerful symbol” of shared values and collective strength. Ordinary citizens were quick to test the change, with some withdrawing euros from ATMs moments after midnight
. “Great! It works!” said Dimitar, a 43-year-old resident of the capital.
Successive Bulgarian governments have long argued that adopting the euro would strengthen the country’s economy, improve investor confidence and cement ties with Western institutions, while reducing vulnerability to external influence, particularly from Russia.
President Rumen Radev described the switch as the “final step” in Bulgaria’s integration into the European Union, which the country joined in 2007.
However, the transition has also exposed deep divisions. Radev voiced regret that no referendum had been held on the euro’s adoption, saying the decision reflected a growing gap between the political elite and the public.
According to recent Eurobarometer data, nearly half of Bulgarians oppose the switch.
Public anxiety has been fuelled by rising prices. Food costs increased by 5% year-on-year in November, more than double the eurozone average. Market stalls across the country displayed prices in both levs and euros, as shoppers tried to assess the real impact on their spending.
Some business owners say prices have already begun creeping up, while others complain of difficulties accessing euro cash ahead of the changeover.
The euro’s arrival also comes amid political turbulence. Anti-corruption protests recently toppled a conservative-led government, leaving Bulgaria facing its eighth election in five years.
Outgoing Prime Minister Rosen Zhelyazkov sought to reassure citizens, insisting that inflation was not caused by the euro and urging patience during the transition.
Despite the concerns, EU leaders remain optimistic. European Commission President Ursula von der Leyen said the euro would make travel easier, boost market transparency and facilitate trade.
Analysts also suggest the move could improve Bulgaria’s credit rating and long-term investment prospects.
With Bulgaria’s accession, more than 350 million Europeans now use the euro, extending the reach of the single currency deeper into Eastern Europe — a milestone rich in symbolism, promise and uncertainty.