Bulgaria’s Euro Adoption Exposes “Deep Divide Between Political Class and People” — President

There’s a quote from Bulgarian President Rumen Radev that’s been stuck in my head since I read it this morning. Speaking about parliament’s refusal to let citizens vote on adopting the euro, he called it “one of the dramatic symptoms of the deep divide between the political class and the people.”

That’s not a throwaway line. That’s a sitting president essentially accusing his own government of abandoning democratic principles. And the thing is, he’s not wrong.

Bulgaria officially joined the eurozone at midnight on January 1, 2026. Fireworks went off in Sofia. European officials issued congratulatory statements. The Bulgarian National Bank projected euro coins onto its building. All very festive.

But beneath the celebration lies a fundamental question about democracy that European institutions seem increasingly comfortable ignoring: what happens when the people don’t want what the institutions are giving them?

The Numbers Don’t Lie

Let me lay out the polling data, because this isn’t a close call.

Alpha Research, one of Bulgaria’s leading polling firms, found in May 2025 that 46.5% supported euro adoption while 46.8% opposed it. That’s essentially a dead heat, and not the kind of margin that suggests public mandate for an irreversible economic transformation.

Other surveys painted an even starker picture. One poll found 57% of Bulgarians were against adopting the euro, with only 39% in favor. Another showed that 63% wanted a referendum on the issue — and that a majority would vote against adoption if given the chance.

President Radev proposed exactly that in May 2025. Hold a referendum. Let the people decide. The response from parliament? They shut it down. Ninety-eight votes against, 68 in favor, 46 abstentions.

The parliament speaker dismissed Radev’s referendum push as an attempt to “derail the process of European integration.” Which is a fascinating way to describe letting citizens vote on their own economic future.

The Political Chaos Behind the Curtain

Here’s the context that international coverage often glosses over: Bulgaria is a country in crisis.

Anti-corruption protests swept a conservative-led government from office in mid-December 2025. The country is now looking at its eighth election in five years. The previous government withdrew its 2026 budget after mass demonstrations. Radev urged the government to resign and schedule early elections.

In February 2025, far-right Revival party supporters tried to break into the EU mission headquarters in Sofia. Political instability has dogged the country for years, with corruption allegations slowing down the very reforms required for eurozone membership.

And in the middle of all this dysfunction, the political establishment managed to unite on exactly one thing: pushing through euro adoption before anyone could stop them.

The Democratic Deficit Problem

This isn’t just a Bulgaria story. It’s a European Union story.

The EU has long faced criticism for what academics call the “democratic deficit” — decisions made by unelected bureaucrats or distant institutions without meaningful input from the citizens affected. Brexit was, in many ways, a response to that perception. The yellow vest protests in France were another.

What we’re seeing in Bulgaria fits the pattern. A major, irreversible policy decision. Clear public opposition. Institutions proceeding anyway. And then official celebrations as if consent had been manufactured.

“This refusal was one of the dramatic symptoms of the deep divide between the political class and the people, confirmed by mass demonstrations across the country,” Radev said.

Mass demonstrations. That’s not hyperbole. Bulgarians were in the streets protesting their government while that same government finalized eurozone membership.

What Comes Next

The practical reality is that Bulgaria is now in the eurozone. There’s no going back. The conversion rate is set at 1.95583 lev per euro. The Bulgarian National Bank joins the Eurosystem. Monetary policy will be made in Frankfurt, not Sofia.

Whether this ultimately benefits ordinary Bulgarians remains to be seen. Supporters point to economic stability, easier cross-border trade, and integration with Europe’s largest economies. Critics worry about inflation, loss of monetary sovereignty, and the abandonment of a currency that’s been part of Bulgarian identity since 1880.

What’s not in dispute is how it happened: over the objections of a majority of citizens, without a referendum, by a political class that Bulgarians have been protesting against for months.

European Commission President Ursula von der Leyen called it “an important milestone.” ECB President Christine Lagarde called the euro “a powerful symbol” of “shared values and collective strength.”

The shared values apparently don’t include asking people what they want before making decisions on their behalf.

President Radev had the last word, at least symbolically. He attended the midnight ceremony but voiced his regret that Bulgarians weren’t consulted. “This refusal was one of the dramatic symptoms of the deep divide between the political class and the people.”

I’ve covered politics long enough to know that divides like that don’t just go away. They fester. They grow. And eventually they manifest in ways that surprise the people who created them.

Bulgaria’s political establishment got what it wanted. Whether they’ll still be celebrating in five years is another question entirely.

Ray Caldwell covers European politics and international affairs. Contact via rcaldwell@reportdoor.com.