Background and Context
Bulgaria, a Balkan nation of approximately 6.4 million inhabitants, has officially adopted the euro, becoming the 21st country within the European Union (EU) to do so. This significant milestone was marked by celebrations and apprehensions, nearly two decades after Bulgaria joined the EU in 2007.
Who is Christine Lagarde?
Christine Lagarde, the President of the European Central Bank (ECB), welcomed Bulgaria into the eurozone family. She described the euro as a “powerful symbol” representing shared values and collective strength.
The Transition Process
At midnight, Bulgaria abandoned the lev, its currency since the late 19th century. Euro banknotes and coins were projected onto the building of the central bank, marking the transition to the new currency.
Public Reaction
Dimitar, a 43-year-old man, expressed his excitement after withdrawing 100 euros from an ATM shortly after midnight: “Great! It works!”
Government Perspective and Concerns
Successive Bulgarian governments have advocated for euro adoption, hoping it would stimulate the economy of the EU’s poorest member, strengthen ties with Western nations, and shield the country from Russian influence.
However, Bulgarian citizens have long been divided on this change. Many fear that the introduction of the euro may lead to higher prices and exacerbate political instability within the country.
Presidential Remarks
In a speech broadcast shortly before midnight, President Rumen Radev hailed the euro’s adoption as the “final step” in Bulgaria’s integration into the EU. Meanwhile, thousands of people braved freezing temperatures in Sofia to celebrate New Year’s Eve.
Despite his support for the euro, Radev expressed regret that Bulgarian citizens had not been consulted through a referendum regarding the currency change.
Key Questions and Answers
- What is the significance of Bulgaria adopting the euro? Bulgaria becomes the 21st EU member to adopt the euro, which is expected to boost its economy and strengthen ties with Western nations.
- Who is Christine Lagarde, and what role does she play? Christine Lagarde is the President of the European Central Bank. She welcomed Bulgaria into the eurozone family, describing the euro as a “powerful symbol” of shared values and collective strength.
- Why are Bulgarians divided on the euro adoption? Some Bulgarians fear that the introduction of the euro may lead to higher prices and political instability.
- What was President Rumen Radev’s stance on the euro adoption? President Rumen Radev supported Bulgaria’s euro adoption as the final step in its EU integration, though he regretted that citizens were not consulted through a referendum.
