Sofia - Brussels: Europe and the Arabs
Bulgarian President Rumen Radev said he will submit a request to parliament to hold a referendum on whether the country will adopt the euro as its currency.
“Bulgaria, as a full member of the European Union, faces a strategic decision – the adoption of the single European currency,” Radev said in a speech to the nation.
“The referendum will be a test of the democracy of the National Assembly (parliament) and will reveal who follows democratic principles and who deprives Bulgarians of the right to determine their own future. The referendum will be beneficial for Bulgarian democracy,” he said.
According to reports published by the Brussels-based Euronews website, despite the statements, the path to the eurozone has not been easy for Bulgaria.
In 2024, the European Central Bank stated that the country could not join the ranks of countries that have adopted the single currency due to its high inflation rate. In February of this year, demonstrations erupted in the capital, Sofia, during which police clashed with nationalist protesters demanding the government cancel plans to join the eurozone.
Approximately 1,000 protesters gathered in front of the Sofia office of the European Commission, the executive arm of the European Union, and threw red paint and firecrackers at the building, eventually setting one of the doors on fire.
Bulgaria, which joined the European Union in 2007, has suffered from political instability over the past several years.
The new government, formed last month, has made eurozone membership a top priority.
But not everyone is convinced that Bulgaria is ready to join the eurozone.
Some experts claim that the country's economy is not ready to join the eurozone and that the country is not yet ready to adopt the single currency.
But the government, supported by other pro-European parties in parliament, emphasizes the political importance of adopting the single currency as another step towards consolidating European integration amid rising geopolitical tensions. In an attempt to divert the country's attention from this goal, pro-Russian nationalists are reportedly preparing for more intense battles amid accusations that they are using disinformation as a tool to spread fear among the people.