Bulgarian President Rumen Radev on Thursday said he would submit a proposal to parliament for a national referendum on whether the country should adopt the euro in 2026.
“The question will be: ‘Do you agree that Bulgaria should adopt the single European currency – the euro – in 2026?’” Radev said in an address to the nation and the National Assembly.
As a full member of the European Union, Bulgaria is facing a strategic decision regarding the adoption of the euro, Radev said. “In less than a month, an extraordinary report on Bulgaria’s readiness for the euro area will be published,” he added.
According to the president, there is no broad consensus within Bulgarian society on either the country’s readiness or the timeline for joining the eurozone.
“There are conflicting assessments at all levels of the societal pyramid – among politicians, experts, and citizens alike,” he said, citing inflation, a crisis of trust in the political class, and a lack of clear preparation from the government to ensure purchasing power and economic competitiveness.
“What is most lacking,” Radev said, “is respect for the fundamental principles of democracy in making such an important decision. Institutions with critically low legitimacy are deciding our common future without listening to the people.”
Radev insisted that adopting the euro should happen only through national consensus and with public confidence. “Every Bulgarian citizen has the right to decide on their money, their well-being, and their future,” he said.
The referendum, he argued, would be a test of the democratic maturity of parliament and a step toward rebuilding public trust.
“It will give voice to the people and allow all arguments – both for and against – to be heard. It will also give the political class an opportunity to reconnect with voters and win back the trust it has lost,” Radev said. “Bulgaria’s democracy is in critical need of such a boost in legitimacy.”
Regardless of the outcome, Radev said, a referendum would contribute to national consensus on euro adoption and help prevent negative consequences from decisions made without majority support.
He rejected claims that such a referendum would be unprecedented, noting that similar votes had been held in other EU countries. He also warned political parties against framing the referendum as a vote for or against Bulgaria’s European future.
“Any attempt to present this referendum as ‘for’ or ‘against’ the EU would be a gross manipulation,” he said, stressing that Bulgaria remains a committed EU member entitled to determine the timing of euro adoption.