Chaos in EU’s poorest country as adopting euro to ‘make things worse’ | World | News
Bulgaria is set to become the 21st member of the European Union to adopt the euro, but the milestone has sparked deep unease in the bloc’s poorest country; critics here warned that the move could worsen instability and increase already high costs of living.
The euro will be adopted on Thursday, January 1, after years of pressure by successive Bulgarian governments to join the eurozone. Supporters say the transition would strengthen the economy, increase trade and investment and tie the country more closely to the West at a time of rising geopolitical tensions with Russia.
European Commission President Ursula von der Leyen hailed the decision as a symbol of “the strength and unity of Europe” after Brussels concluded Bulgaria would be ready to adopt the single currency in 2026.
He argued that euro membership would deepen economic integration, improve access to finance and ultimately support job creation and real incomes.
However, this move came at a time of political turmoil. Bulgaria’s government resigned earlier this month following mass protests in Sofia, plunging the country into its eighth election in five years.
Although the unrest was not directly triggered by the euro plans, public anxiety has increased due to fears that the currency change will increase prices.
A Eurobarometer survey shows that 49% of Bulgarians are against adopting the euro; This reflects widespread skepticism, especially in poor rural areas.
Food prices rose 5 percent year-on-year in November, more than twice the eurozone average; This has raised concerns that households already struggling with inflation will be hit the hardest.
European Central Bank President Christine Lagarde sought to reassure consumers, saying the impact on prices would be “moderate and short-lived.”
He noted previous euro changes in which inflation increased by between 0.2 and 0.4 percentage points.
But Boryana Dimitrova from Alpha Research warned that any problems would be taken up by anti-EU politicians.
Speaking to AFP, he said difficulties with the euro would become “part of the political campaign” and fuel rhetoric against Brussels.
Parliament has passed new surveillance measures to investigate sharp price rises and prevent “unfair” increases linked to the change.
Analysts warn that ongoing political instability could undermine economic confidence by delaying long-needed anti-corruption reforms.
Economist Angelov said stability is vital, Euractive reports. “The challenge will be to keep a government in office for at least one to two years so that Bulgaria can fully benefit from participation in the eurozone,” it said.
Only six EU countries will keep their own currencies when Bulgaria joins, with Romania the only country currently planning to follow.
