President Radev’s Euro Referendum Sparks Controversy

Bulgaria’s path to adopting the euro in 2026 has hit a snag as President Rumen Radev’s call for a national referendum on the matter ignites a fierce debate within the country’s political landscape. The proposed referendum,seeking public opinion on Bulgaria’s adoption of the Euro,has been met with skepticism and accusations of political sabotage,possibly jeopardizing the nation’s convergence report scheduled for June.

Referendum Question and Underlying Motives

The core question posed by President Radev is: Do you agree to Bulgaria introducing the unified European currency “Euro” in 2026? His rationale centers on what he perceives as an inadequate public information campaign and the “critically low legitimacy” of the institutions making this strategic decision. Radev argues that a referendum would serve as a crucial test of the 51st Parliament’s commitment to democratic principles.

There is no consensus in Bulgarian society about our willingness to introduce the Unified European currency, nor for the date on which this happens. The assessments of all levels are contradictory: among citizens, in the expert community and in the political class. Sociological studies clearly show that the majority of Bulgarian citizens are highly reserved towards the change of national currency at the moment.

While Radev cites sociological studies indicating public reservations, he refrains from naming the specific agencies conducting thes polls. This lack of clarity has fueled further scrutiny of his motives.

Accusations of Sabotage and Political Discord

Prime Minister Rosen Zhelyazkov has voiced strong suspicions that the referendum proposal is not genuinely aimed at gauging public opinion but rather at undermining Bulgaria’s progress toward eurozone membership. zhelyazkov suggests the timing is suspect, potentially designed to cast doubt on the country’s readiness in the eyes of European institutions. He elaborated:

Unless the proposal itself is intended not to hold a referendum (which in my opinion is not the purpose of the President),but to submit a serious hesitation to the European institutions for the convergence report in June.

Rosen Zhelyazkov, Prime Minister of Bulgaria

Zhelyazkov further implied that certain segments of society, possibly influenced by external pressures and opaque business interests, might share the President’s reservations about Euro adoption.

Parliamentary Opposition and Uncertain Future

The National Assembly faces a critical decision on whether to include the referendum proposal in it’s agenda. Key political figures, including GERB leader Boyko Borisov, have echoed the Prime Minister’s call to reject the referendum. Legal experts, such as Raya Nazaryan, have argued that the proposal is inadmissible, with Natalia Kiselova, a constitutionalist and chairwoman, deeming it illegal.

Currently, the votes appear to be stacked against the President’s proposal. With GERB, PP-DB, MRF-New Beginning, and APP of Ahmed Dogan holding a combined 150 seats, opposition to the referendum is considerable. While the BSP also opposes, some members might defy party lines. ITN, conversely, supports holding a referendum on the Euro. Analysts suggest that Radev’s actions may be aimed at exploiting divisions within the ruling coalition.

Historical Context and Public Sentiment

Bulgaria’s journey toward Eurozone membership has been marked by both progress and challenges. As of 2024, the country met several key convergence criteria, including inflation rates and government debt levels.However, public support for Euro adoption remains a meaningful hurdle.According to a recent Eurobarometer survey, only 45% of Bulgarians view the Euro positively, compared to an EU average of 61%. Concerns about potential price increases and loss of national identity contribute to this hesitancy.

Resignation and Shifting Political Landscape

Adding another layer of complexity,President radev recently accepted the resignation of his legal affairs secretary,Krum Zarkov,who stepped down in protest against the proposed referendum.This resignation underscores the deep divisions surrounding the Euro adoption issue and highlights the potential political fallout for all involved.