Thousands protest Bulgaria’s euro adoption, call for referendum.

Days before Bulgaria was expected to become the 21st member of the eurozone, opponents of the move geared up Saturday for a final battle to change the schedule. Thousands of protesters gathered on a central square in downtown Sofia to protest government plans to adopt the euro and to demand a referendum on the new currency. The European Union has given the green light for Bulgaria to adopt the euro starting January 1.

The protesters, led by civic groups, nationalist and pro-Russian parties known for their opposition to the euro, declared that after the rally they intended to set up a tent camp on the central square, dubbed “Town of the lev”, after the name of the national currency.

On a platform for speakers hung a huge banner that read “The battle for the Bulgarian lev is the last battle for Bulgaria”. The leader of the pro-Russian Vazrazhdane party Kostadin Kostadinov told the protesters that the country will be stripped of its currency.

“Someone else will decide how we spend our money; the Bulgarian budget will be approved by the European Central Bank. This is an anti-state coup, this is treason”, Kostadinov reaffirmed that lawmakers from Germany, Lithuania, Romania, the Czech Republic, Slovakia and Hungary have joined the event to support the protest.

Ahead of the demonstration, Vazrazhdane submitted in Parliament a motion for a vote of no confidence in the current government, accusing it of failing to undertake necessary reforms to restore stability to public finances and working for the forceful adoption of the euro.

Parliament will vote on the motion next week, but the pro-EU government coalition is expected to survive.

The Balkan country joined the European Union in 2007 and is now on the final stretch of its accession to the eurozone. The last institutional hurdle is the approval from both the European Parliament in Strasbourg and the Economic and Financial Affairs Council in Brussels, scheduled for July 8.

These steps come after the European Council gave its clear endorsement of Bulgaria joining the eurozone on Jan. 1, 2026.

During its almost two decades-long EU membership, Bulgaria has been plagued by political instability and corruption that have fuelled Euroscepticism among its 6.4 million citizens.

Now, scores of false claims by opponents of the eurozone have been published on social networks feeding fears of economic changes that they say could bring more poverty.

Economists say joining the euro will not bring massive change to Bulgaria’s economy in the short run. That’s because the government has pegged the currency to the euro by law, at a fixed rate of 1 lev for every 51 eurocents.

Given the enormous influence of the euro currency on the global economy, it is useful to look closely at its advantages and disadvantages. The euro, which is controlled by the European Central Bank (ECB), was launched with great fanfare and anticipation, and it has provided economic value to member nations. However, the euro’s corresponding flaws became more apparent when it was tested by a series of challenges early in the 21st century.

The euro was created on Jan. 1, 1999, primarily designed to support economic integration in Europe.

Like any economic change on a global scale, adoption of the euro came with both advantages and drawbacks to member nations.

The advantages of the euro include promoting trade, encouraging investment, and creating mutual support among member nations.

On the downside, the euro has been blamed for overly rigid monetary policy and accused of a possible bias in favour of Germany. The first stage of the euro was the European exchange rate mechanism (ERM), under which prospective future members of the eurozone fixed their exchange rates to the German mark. Germany has the largest economy in the eurozone and has a history of sound monetary policy since World War II. However, pegging exchange rates to the German mark may have created a bias in favour of Germany.

In the 1990s, Germany pursued a looser monetary policy to deal with the burdens of reunification. As a result, the strong U.K. economy of that era experienced excessive inflation. The U.K. was first forced to raise interest rates and eventually pushed out of the ERM on Black Wednesday in 1992.

The German economy was relatively prosperous by 2012, and European monetary policy was far too tight for weaker economies. Portugal, Italy, Ireland, Greece, and Spain all faced high debt, high interest rates, and high unemployment. This time, monetary policy was too tight rather than too loose. The only constant was that the euro continued to work in favour of Germany.

Team Maverick