President Rumen Radev Questions Bulgaria’s Readiness for Euro Adoption, Citing Public Concerns and Economic Risks

Sofia, The Gulf Observer: Bulgarian President Rumen Radev has voiced strong criticism regarding the country’s preparedness to adopt the euro, warning that while recent convergence reports may be hailed by those in power, they raise significant concerns for ordinary citizens.

Speaking to journalists at Vasil Levski Airport in Sofia before departing on official visits to Kazakhstan and Uzbekistan, President Radev challenged the narrative that Bulgaria is economically ready to join the eurozone. He highlighted a discrepancy between the official inflation rate, listed at 2.7%, and the much higher price increases felt by consumers in everyday life.

“The convergence reports themselves include numerous warnings and caveats,” Radev stated. “Consumers and producers alike know that market mechanisms are not working as they should.”

The President emphasized that lack of effective regulation is undermining Bulgaria’s domestic industries. He pointed to inadequate support for farmers and the absence of incentives to foster cooperation, which he warned is weakening their competitiveness in both local and broader European markets.

He went on to question the National Assembly’s decision to move forward without a national referendum, arguing that the refusal to consult citizens represents a serious breach of the social contract. “Parliament has turned its back on the people. It behaves like a fortress that refuses to listen,” Radev said.

While acknowledging potential long-term benefits of eurozone membership—including increased investor confidence, foreign investment, and stronger economic growth—President Radev warned that the timing of such gains remains uncertain.

He also drew attention to Bulgaria’s current standing at 59% of the EU’s average price levels, citing past examples from other member states where prices surged sharply after joining the eurozone. “The major risk is that Bulgaria’s economy may not be able to absorb this shock quickly enough,” he cautioned.

Radev expressed particular concern for the 1.3 million Bulgarians living below the poverty line, stating that an uncontrolled rise in prices could further erode their already precarious living standards. He urged lawmakers and the government to reconsider the timing and mechanisms of euro adoption and to engage more directly with the public.

The President’s comments have sparked renewed national debate over the euro transition, with many calling for broader consultation and deeper economic safeguards before moving forward.