The Bulgarian National Assembly has rejected a proposal by President Rumen Radev for a referendum on the adoption of the euro as the national currency. This rejection highlights ongoing political divisions within Bulgaria over its monetary future. The chair of the National Assembly, Nataliya Kiselova, deemed the proposal unconstitutional, citing failure to comply with key legislative instruments such as Article 4(3) which concerns Bulgaria’s commitment to the EU, as outlined in the Bulgarian Constitution. Furthermore, the proposal was found to be in conflict with EU regulations, including Article 5 of the Act of accession to the EU, which outlines commitments including adopting the euro.
Prime Minister Nikolay Zhelyazkov supported the decision, calling the referendum proposal unconstitutional. He stressed that under Bulgarian law, such referenda on international treaties must occur before ratification, and Bulgaria has already ratified the necessary acts for joining the Economic and Monetary Union. His position aligns with that of Dimitar Radev, Governor of the Bulgarian National Bank, as they both signed a declaration supporting the introduction of the euro by January 1, 2026, as noted by Jurist.
Following this decision, President Radev argued that while the parliamentary majority seeks to steer Bulgaria towards the Eurozone, it inadvertently leads the nation away from European democratic principles and legal standards. Meanwhile, Bulgaria continues to move forward with preparations for euro adoption. The European Commission is expected to review and present a report on Bulgaria’s readiness to join the euro area in June, focusing on convergence criteria in key economic sectors.