Bulgaria Adopts Euro Nearly 20 Years After EU Accession

Bulgaria has adopted the euro, becoming the 21st country to join the Eurozone, nearly 20 years after joining the European Union in 2007.

At midnight on Thursday, the country abandoned the lev, its national currency since the 19th century. This move aims to strengthen economic ties with the Eurozone, despite concerns about potential price increases.

The country's president, Rumen Radev, expressed regret that a referendum was not held on the adoption of the euro, a divisive issue.

The euro-lev exchange rate has remained stable at 1 to 1.9558 since 2006. Many Bulgarians fear that the transition to the euro will lead to increased inflation.

The head of the Bulgarian National Bank, Dimitar Radev, stated that the euro is a sign of integration into the European community.

European Commission President Ursula von der Leyen highlighted the benefits of the euro for Bulgarian citizens and businesses.

Prior to Bulgaria, Croatia was the last country to adopt the euro in January 2023. More than 357 million Europeans now use the euro.

Source: ΑΠΕ ΜΠΕ