Bulgaria Prepares for Eurozone Entry Amid Concerns Over Russian Disinformation

Bulgaria’s adoption of the euro, scheduled for January 1, comes amid significant political instability and growing public skepticism fueled partly by suspected Russian disinformation campaigns. The Balkan nation of 6.5 million will become the eurozone’s 21st member, a move European officials hope will strengthen Bulgaria’s economy and Western orientation.

European Commission President Ursula von der Leyen has championed the transition, promising that euro adoption will bring increased trade, investment, and higher quality jobs to the EU’s poorest member state. Economy Commissioner Valdis Dombrovskis emphasized the strategic importance of this integration during a recent visit to Sofia, noting that small European nations gain essential political and economic influence by fully participating in EU structures.

“Most European countries – including Bulgaria – are far too small to shape today’s world on their own,” Dombrovskis said, highlighting the importance of European unity in the face of Russia’s war against Ukraine and growing global economic uncertainty.

However, public opinion in Bulgaria remains sharply divided. A recent finance ministry survey revealed that while 51% of citizens favor joining the eurozone, a substantial 45% oppose it. This division manifested dramatically in parliament last June when members of the pro-Russian Revival party physically blocked proceedings as the European Commission approved Bulgaria’s euro entry.

The controversy reflects broader political tensions that have plagued Bulgaria for years. “The country is divided on almost everything that you can imagine,” explained Petar Ganev, a senior researcher at the Sofia-based Institute of Market Economics. “After the political instability, we ended up in a very hostile political environment.”

Indeed, Bulgaria has weathered a four-year political crisis marked by seven parliamentary elections and widespread corruption allegations. Just last week, Prime Minister Rosen Zhelyazkov’s government resigned after less than a year in office, following weeks of anti-corruption protests across the country.

While this political turmoil is unlikely to derail euro adoption, many Bulgarians fear price increases during the transition – a significant concern in a country where the average monthly salary is approximately £1,100 (about €1,300). Rural communities and the elderly appear most anxious about potential inflation, despite Brussels insisting there is no evidence to suggest prices will rise.

For pensioners like Nencho and Maya Neshev from Vidin, a city along the Danube in northwestern Bulgaria, uncertainty about the transition is palpable. “Should I stock up? Does it make sense? How will it happen in January?” wondered Maya. “There is a lot of uncertainty.”

Beyond economic concerns, some Bulgarians view abandoning the lev – their national currency since 1881 – as a loss of cultural identity. “We have some of the brightest people of our country on our money,” said Elena Vasileva, a 26-year-old engineer from Hisarya. “It’s like losing your identity. It’s a pity.”

Opposition to euro adoption has been amplified by anti-EU political forces. Victor Papazov, an economist advising the Revival party, claimed Bulgaria is heading for a “Greek-style crisis,” stating: “Any person in their right mind would oppose adopting the euro.” The party’s leader, Kostadin Kostadinov, previously made unfounded claims that Bulgarians would lose savings due to exchange rate changes.

Multiple investigative reports have identified Russian-linked social media campaigns spreading disinformation to undermine support for the euro. Commissioner Dombrovskis acknowledged this challenge, stating it was “no secret” that Russia was waging a hybrid war against Europe through “provocation, acts of sabotage, violation of European airspace, meddling in political processes in the European Union… and spreading disinformation.”

Despite these challenges, many Bulgarians remain optimistic. Sofia pharmacist Maria Valentinova, 35, believes the euro “will be good for the economy of the country in the long run” and appreciates that her six-year-old son will grow up in a eurozone country. While acknowledging concerns about the initial transition period, which will allow payments in both lev and euro until January 31, she concluded: “I think it will be a good thing in the end.”

Economist Ganev predicts a smooth transition, with Bulgarians adapting quickly to the new currency. “What will happen to our country and if we are going to be a good example in the eurozone or a bad example… depends entirely on us,” he said, placing responsibility for the country’s economic future squarely on domestic policies rather than currency choice.