Bulgaria Nears Euro Adoption Amid Public Opposition, EU Approval

Bulgaria is set to become the 21st member of the eurozone, with the European Commission and European Central Bank confirming that it has met the necessary economic criteria for adopting the euro. The move, scheduled for New Year's Day next year, follows Bulgaria's 2007 EU accession and years of economic reforms despite political instability and multiple elections. However, the decision has sparked significant opposition within Bulgaria, where polls show a divided public with many fearing inflation and loss of national identity linked to abandoning the lev. Protests have been organized, notably by the pro-Russian Vazrazhdane party, and calls for a referendum on the matter have been rejected by the Constitutional Court, which supports the EU position that euro adoption is mandatory for EU members. The euro adoption criteria include stable inflation rates, controlled budget deficits, currency stability through the Exchange Rate Mechanism, and reasonable long-term borrowing costs. While some Bulgarians welcome the change for its convenience and economic integration, many remain apprehensive about the social and financial impacts.