Sofia, Bulgaria – Tensions over Bulgaria’s euro adoption plan deepened this week after the speaker of the National Assembly, Nataliya Kiselova, rejected President Rumen Radev’s proposal for a national referendum.

Bulgarian Parliament Speaker Nataliya Kiselova said the proposal violates Bulgaria’s constitution and contradicts previous court rulings. The move has ignited debate on the country’s readiness to join the eurozone amid growing public scepticism.

President Calls for Referendum on Euro

On Monday, Bulgarian President Rumen Radev proposed holding a referendum on Bulgaria’s plan to adopt the euro by 2026. He suggested asking voters: “Do you agree that Bulgaria should introduce the single European currency ‘euro’ in 2026?”

Bulgarian President Rumen Radev argued that such a major step should involve the public directly.

Government Pushes Back

The government swiftly criticized the president’s proposal. A cabinet minister accused Bulgarian President Rumen Radev of trying to sabotage Bulgaria’s eurozone ambitions. Officials say the proposal could derail preparations already underway for the euro’s adoption.

Bulgaria aims to switch from the lev to the euro in January 2025. The move depends on approval from the European Commission and the European Central Bank in June 2025.

Bulgarian Parliament  Speaker Declares Proposal Unconstitutional

Bulgarian Parliament  Speaker Nataliya Kiselova returned the proposal to the presidency on Tuesday. She cited multiple violations of the Bulgarian constitution and European Union treaties.

She also referred to earlier rulings from the Constitutional Court, which had dismissed similar efforts to hold a referendum on euro adoption. According to Bulgarian Parliament Kiselova, the proposal cannot proceed under current legal frameworks.

Economic Arguments for Euro Adoption

Economists say that adopting the euro could benefit Bulgaria significantly. Since the lev is already pegged to the euro, full membership would increase investor confidence. Analysts also predict better credit ratings and lower debt servicing costs.

Public Concern Grows Over Price Hikes

Despite these advantages, many Bulgarians remain divided. A major fear is a potential rise in prices, similar to what happened in Croatia when it adopted the euro in 2023.

Surveys show mixed public sentiment, with some citizens worried that their purchasing power will drop after the switch.

Next Steps for Bulgaria’s Euro Journey

The government remains focused on meeting the final eurozone entry criteria. If approved in June, the country will proceed with its January 2025 target. Still, political conflict and public hesitation could pose obstacles in the months ahead.

Bulgarian Parliament – National Assembly of the Republic of Bulgaria 

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