Bulgaria Adopts Euro Nearly 20 Years After Joining the EU

Bulgaria adopted the euro on Thursday, becoming the 21st country to join the Eurozone, nearly 20 years after joining the European Union (EU) in 2007. The country has abandoned the lev, its national currency.

Thousands gathered in Sofia to watch the traditional New Year's Eve concert, while a countdown clock showed the minutes until the currency change.

Bulgarian President Rumen Radev stated that the adoption of the euro is the final stage of the country's integration into the EU. He also expressed regret that a referendum was not held on the matter.

The euro-lev exchange rate has remained stable at 1 to 1.9558 since 2006. Many Bulgarians are concerned about a potential increase in inflation.

The head of the Bulgarian National Bank, Dimitar Radev, emphasized that the euro is a sign of integration into a space of common rules. European Commission President Ursula von der Leyen said that the euro will bring benefits to Bulgarian citizens and businesses.

Before Bulgaria, Croatia was the last country to adopt the euro in January 2023.

Source: ΚΥΠΕ