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From January 1, 2026, Bulgaria became the 21st member of the eurozone, switching to the euro at a fixed exchange rate of 1 euro = 1.95583 leva.
In fact, the answer is clearer than it seems. Bulgaria did not “reject” the euro in the strict sense of the word for 20 years. From the moment it joined the European Union in 2007, it had a legal obligation to adopt the European currency at a certain stage. What it did for many years was to practically postpone the deadline, because the political cost of the change seemed high, while the economic benefit was perceived as “almost achieved”.
The main reason is called… the leva. Since 1997, Bulgaria has operated under a currency board regime and has pegged its currency first to the German mark and then to the euro, in order to stabilize the economy after a severe financial crisis. This meant that, in practice, the country had been living for years with a fixed exchange rate and without a truly independent monetary policy. As a result, for a large part of society and the market, the euro was not seen as a necessity, but rather as a “risk of price increases” or as a loss of a national symbol.
The second, crucial obstacle was the convergence criteria, especially inflation. In times of energy turmoil and rising costs of living, Bulgaria found it difficult to pass the tests at the right time, constantly pushing back the target. In parallel, political instability and low trust in institutions fueled public distrust: many citizens feared that prices would be rounded up from the bottom up, that everyday life would become more expensive or that the market would be manipulated. This was compounded by waves of disinformation, which turned a technical process into a cultural and political battle.
There was a third, more cynical, but real reason: when you already have a fixed exchange rate, businesses that benefit from conversions, uncertainties, “gray” tariffs or accounting games have no interest in changing the system. The euro brings transparency in prices and immediate comparison. This is positive for the consumer and fair competition, but not always advantageous for those who benefit from the lack of clarity.
As of today, January 1, 2026, Bulgaria officially switched to the euro as the 21st member of the eurozone, with a fixed conversion rate of 1 euro = 1.95583 leva. To avoid shocks, a transitional period is foreseen during which both currencies will circulate, but change will be given in euros. /Pamphlet
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