Bulgaria's pro-Russian President Rumen Radev said on May 9 he will submit a proposal on a referendum on Bulgaria's euro adoption to parliament. 

Radev’s announcement reignites political divisions and legal controversy just weeks before the European Commission and the European Central Bank are expected to publish extraordinary convergence reports on the country’s readiness to join the eurozone. Bulgaria aims to join the eurozone on January 1, 2026, and the convergence reports, due on June 4, are widely expected to be favourable. 

The central bank and financial institutions have already begun preparations for the switchover to the euro, and prices for some services are now displayed in both leva and euros.

However, in a TV address live broadcasted by state BNT, Radev said he will propose a referendum asking the question “Do you agree that Bulgaria should adopt the single European currency, the euro, in 2026?”

His move was seen as a gesture to Russian President Vladimir Putin and the anti-EU parties across Europe and in the country, as well as a clear signal that Radev intends to start a political project with pro-Kremlin orientation.

“There is no consensus in Bulgarian society about our readiness, nor about the date of adoption. Assessments at all levels of the social pyramid are contradictory: within the political class, in expert circles and among citizens. Inflation, the crisis of confidence in the political class, the lack of clear organisation and convincing actions by the government to guarantee the purchasing power of citizens and the competitiveness of the Bulgarian economy are bringing tension to the processes around the introduction of the euro,” Radev said.

“What lacks the most, however, is respect for the basic principles of democracy when taking such an important decision. Institutions with critically low legitimacy take a strategic decision about our common future without listening to citizens' opinions,” he added.

Radev said that euro must only be adopeted if there is a convincing national consensus.

“Every Bulgarian citizen has the right to speak about his money, his well-being and his future,” Radev said.

Radev claimed that the referendum would be a test for democracy and would show who follows democratic principles and “who denies Bulgarians the right to determine their future”.

“The referendum will be a healing one for Bulgarian democracy. It will give the floor to the people and will give the opportunity to hear all the arguments for and against. It will also enable the political class to restore dialogue with voters and fight for their trust. Trust that it has lost in recent years,” Radev claimed.

“This is not a referendum against the euro or against the EU. It is about timing and legitimacy,” the president added. 

No support for Radev’s request

Despite Radev’s appeal for national consensus, political reactions were swift and largely critical. His proposal was not met with enthusiasm by political parties, with the main criticism against him being that his actions are too late and such a referendum would be unconstitutional. 

From the initial responses from Bulgarian parties, it can be calculated that at least twice as many MPs will vote against the proposed referendum as for it. 

However, the ruling coalition is divided, as the populist There Are Such People (ITN) party announced that it supports the national referendum on such an important topic.

Gerb, Change Continues-Democratic Bulgaria (CC-DB), DPS - New Beginning and the Bulgarian Socialist Party (BSP), which together have 150 out of 240 MPs, said that they would not support the referendum. 

In support of the referendum were far-right pro-Russian Vazrazhdane, ITN, MECH and Greatness, which have 71 MPs. DPS-DPS is yet to announce whether it would support Radev’s proposal.

The initiative added to the strain within the governing alliance. Although ITN backs the referendum, its vice-premier, Grozdan Karadjov, does not support it. Meanwhile, Gerb’s leader Boyko Borissov said that EU officials have contacted him with concerns over the proposal, warning that it could jeopardise Bulgaria’s euro accession timeline.

Legal contradiction 

Radev’s proposal sparked controversy over its constitutionality. Minutes after Radev’s announcement, his legal affairs secretary Krum Zarkov declared he would resign, saying that the referendum was unconstitutional. In 2024, the Constitutional Court ruled that such referenda cannot override Bulgaria’s international treaty obligations – including its EU Accession Treaty, which prescribes eventual euro adoption.

Bulgaria has already seen a failed attempt at a euro referendum. In 2023, Vazrazhdane collected over 600,000 signatures for a vote to keep the lev as the sole legal currency until 2043. Parliament rejected the initiative, and the Constitutional Court upheld the decision.

Under Bulgarian law, the president has the right to propose a referendum, but it must be approved by a simple majority in parliament. If passed, a national vote would be legally binding only if turnout equals or exceeds participation in the most recent parliamentary election (2.57mn voters) and a majority votes “yes”.