Bulgarian Prime Minister Rosen Zhelyazkov said on May 27 that the country’s planned accession to the Eurozone is a matter of national policy, not political debate, and warned that attempts to stir public fear or misinformation would be met with firm resistance.

Bulgaria has set a target date of January 1, 2026 for euro adoption and is expected to get positive convergence reports from the European Commission and the European Central Bank (ECB) in June.

 

However, the country's adoption of the euro faces strong opposition from pro-Russian politicians including President Rumen Radev, while the ultranationalist Vazrazhdane has been pushing for a referendem on Eurozone entry. 

“Bulgaria’s accession to the Eurozone is part of the essential political conversation, but it is not a topic for political debate and we will not enter into one,” Zhelyazkov said at the opening of a high-level discussion on financial literacy, hosted by the Economic and Social Council, as quoted in a government statement.

“The time for political debate was in 1997,” he said. “Today, all responsible politicians and institutions know exactly where Bulgaria stands and what needs to be done.”

Zhelyazkov stressed that the introduction of the euro was a strategic move aimed at boosting the competitiveness of Bulgaria’s economy. “Provoking a debate about the euro today is manipulation – an attempt to instil and manage fears in people,” he said. “As a government, we do not need this mise-en-scène and this libretto.”

He warned that inter-institutional disputes only serve to erode public trust and could destabilise the political environment. “If there is something that divides society, it is precisely the inter-institutional skirmishes,” the prime minister said. “They can only deepen the perception that Bulgaria’s political dialogue is inadequate, and fuel fears of returning to an electoral spiral. I do not believe this is the aim of the employers, unions or the executive branch.”

Zhelyazkov said that Bulgaria had long since settled the political question of euro adoption. “The political conversation began in 1997 and ended in 2005,” he said. “From there on, everything is a matter of technology.”

He pointed out that last year, Bulgaria’s National Assembly passed legislation setting out the framework for euro adoption, which was subsequently promulgated by presidential decree. “When a law is adopted by Parliament – the expression of representative democracy – and published by the head of state, revisiting the debate gives the impression we’re discussing something entirely different, perhaps with an eye on next year’s presidential campaign,” he added.

The prime minister said the government’s focus now must be on preparing the public through information and transparency. “Better public awareness is key,” he said, pointing to an ongoing national communication campaign. “It is important for people to be familiar with all the measures the state is taking to counteract possible speculative practices.”

Zhelyazkov said the government would act decisively against price gouging or misinformation linked to the currency transition. “We will be uncompromising to any attempt at speculation,” he stated, adding that society would be kept informed of all developments and that civil society input would be welcomed.

He also spoke of the broader benefits of Eurozone membership. “Bulgaria is an open economy and should benefit from all the advantages – including being part of the Eurozone,” he said.