On May 31, 2025, mass protests in Bulgaria involving tens of thousands of participants revealed a broad societal resistance against the government’s plan to adopt the euro as the national currency. These protests went beyond an economic debate, bringing to light complex issues such as national sovereignty, political orientation, and integration within the European Union (EU).[1] Organized under the leadership of the nationalist and pro-Russian Vazrazhdane (Revival) Party, the protests may represent a significant turning point for Bulgaria’s future within the EU. Therefore, it is of utmost importance to comprehensively examine the reasons behind the anti-euro protests in Bulgaria, their economic and political context, public attitudes, potential effects on relations with the EU, and the geopolitical implications of the process.
Bulgaria, which joined the EU in 2007, committed to adopting the euro once it met the Maastricht Criteria. However, over the past 18 years, structural economic problems, high inflation, political instability, and public skepticism have led the country to postpone this transition. Especially between 2022 and 2024, global economic fluctuations and domestic political turmoil have raised questions about both the economic and social legitimacy of adopting the euro. Although Bulgaria had planned to adopt the euro in 2024, the process was postponed due to a high inflation rate (6.6%).
As of 2025, the inflation rate has decreased to 2.6%, meaning the country technically meets the eurozone criteria. Following this, the government formally applied for evaluation by the European Commission and the European Central Bank.
Two primary concerns lie behind the protests: economic anxieties and fears based on sovereignty and identity. Protesters believe that adopting the euro will increase the cost of living in the short term, raise prices, and reduce the purchasing power of low-income groups.[2] The case of Croatia has further reinforced these concerns. Croatia adopted the euro in 2023 and experienced price increases, which has led the Bulgarian public to fear a similar fate.
Although the Bulgarian lev is already pegged to the euro, its symbolic and psychological importance remains significant. Many Bulgarian citizens see the preservation of the lev as a symbol of economic independence and national identity. Nationalist and pro-Russian factions argue that adopting the euro would jeopardize Bulgaria’s sovereignty. Slogans such as “Sovereign states have a future” and “Freedom for the Bulgarian lev” used by the Vazrazhdane Party clearly reflect the public sentiment. The party had previously collected over 600,000 signatures demanding a referendum on the euro adoption, but the Constitutional Court rejected the request.
The EU supports Bulgaria’s accession to the eurozone and sees this process as a strategic development for stability and integration in the Balkans. However, a major issue for the EU is the lack of sufficient public consent. Transitioning to the euro means Bulgaria will hand over its monetary policy to the European Central Bank, a critical step toward ensuring price stability and deepening financial markets. The EU foresees that this would further integrate Bulgaria’s economy with Europe. Joining the eurozone offers Bulgaria advantages in terms of access to European investment funds and budgetary support. Especially in areas such as infrastructure and technological investments, it can contribute to sustainable economic growth. For Balkan countries, adopting the euro is seen as a message of stronger unity and stability within the EU. This is part of the EU’s enlargement and integration policies.
Considering the rise of populist movements and Euroscepticism across Europe, what’s happening in Bulgaria is not only a local matter but also a warning sign for the EU’s expansion strategy. The EU must convince the Bulgarian public of the tangible benefits of adopting the euro. Otherwise, such popular movements could pave the way for similar initiatives in other countries. The explicitly pro-Russian stance of the Vazrazhdane Party and certain other actors turns the protests from merely an economic or domestic political issue into one with geopolitical implications.
Russia closely monitors the protests in Bulgaria and supports them through its media, exploiting fractures within the EU and integration efforts lacking popular support to weaken European unity. Russia’s influence in Bulgaria remains strong, particularly through energy dependence and shared Slavic-Orthodox identity. Therefore, the anti-euro movement in Bulgaria can also be seen as a reflection of a new fault line in the East-West geopolitical axis, manifesting in the Balkans.
The anti-euro protests in Bulgaria are not merely about choosing an economic system; they lie at the intersection of identity, sovereignty, geopolitical orientation, and societal legitimacy. The government’s target is to adopt the euro as of January 1, 2026. However, this goal faces serious obstacles in the form of public backlash, political divisions, and geopolitical dynamics. If the government fails to convincingly address public concerns, adopting the euro may not only be a technical reform but could also trigger a political crisis. In this context, the Bulgarian case once again highlights the critical importance of social legitimacy and public diplomacy in EU integration processes.
[1] “Thousands protest in Bulgaria against Euro and to maintain national currency”, Euronews, https://www.euronews.com/my-europe/2025/05/31/thousands-protest-in-bulgaria-against-euro-and-to-maintain-national-currency, (Access Date: 01.06.2025).
[2] “Bulgarian nationalists protest government plans to adopt the euro currency”, AP News, https://apnews.com/article/bulgaria-eurozone-protests-nationalists-e8714ca044056b02c0a543f3025156a2, (Access Date: 01.06.2025).
