Bulgaria set to adopt the euro – why is this causing controversy?
Summary
Bulgaria is set to join the eurozone on Thursday, becoming the 21st country to adopt the euro currency. This decision comes despite some Bulgarians expressing concerns about inflation and economic challenges. Bulgaria joined the EU in 2007 and met the criteria to join the eurozone in January 2025.Key Facts
- Bulgaria will be the 21st member of the eurozone.
- The country has been part of the European Union since 2007.
- Bulgaria met the eurozone entry criteria in January 2025.
- There are concerns in Bulgaria about potential inflation and economic instability.
- The move will extend the euro’s use to 356 million people, including in the Black Sea region.
- Some Bulgarians have been protesting, calling for governmental changes due to economic concerns.
- A conversion rate has been set at 1 euro to 1.95583 Bulgarian lev (BGN).
- Bulgaria has informally pegged its currency to the euro since 1999 by tying it to the German mark.
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