Bulgaria Set to Join Eurozone Amid Mixed Domestic Sentiment

European Union officials have given the final approval for Bulgaria to join the prestigious euro currency union, marking a significant milestone for the Balkan country. Bulgaria, home to 6.4 million people, has been scheduled to transition from its national currency, the lev, to the euro by January 1. This move strengthens the economic ties among EU member states.

The journey to adopting the euro requires strict adherence to economic criteria, including low inflation, debt control, and a stable exchange rate. Bulgaria had pegged its lev to the euro since 1999, showcasing its fiscal discipline with a low debt level, standing at 24.1% of its annual GDP. Following a review by the European Commission and the European Central Bank, the final decision rests with the EU finance ministers, who are expected to vote in favor.

Despite these achievements, public opinion in Bulgaria remains mixed. In a Eurobarometer poll, 50% of Bulgarians opposed the euro adoption, with fears of inflation and institutional distrust as primary concerns. Some pro-Russian nationalist factions have voiced support for retaining the lev, coinciding with President Rumen Radev's rejected proposal for a referendum. As Bulgaria prepares to embrace the euro, misinformation and national debates continue to stir public sentiment.

(With inputs from agencies.)