site.btaUPDATED President Radev Will Table Proposal for Referendum on Euro Adoption

In an address to the nation and Parliament on Friday, President Rumen Radev said he will table to Parliament a proposal for a referendum on the adoption of the euro.

“Do you agree for Bulgaria to adopt the single European currency euro in 2026?" is the question of the referendum, proposed by the head of State. According to Radev, the referendum will be a test of the National Assembly's democracy and will show who follows the principles of democracy and who denies the Bulgarians the right to determine their future.

The referendum will give an opportunity to hear all the arguments "for" and "against", Radev also noted. The political class will be able to restore dialogue with the citizens and fight for their trust, he said, adding that the referendum will bring people back to the polls.

“As president, I am convinced that the introduction of the single European currency can and must be done with a convincing national consensus,” Radev said. “Every Bulgarian citizen has the right to decide about his money, his welfare and his future,” the president added.

The head of State recalled that ad hoc report on Bulgaria's readiness for the adoption of the euro is expected to be released. According to him, however, there is no consensus in society on Bulgaria’s readiness to be part of the euro area, as well as when this should happen. There are contradictory assessments at all levels of the social pyramid - the political class, experts and citizens, Radev believes. Inflation, the crisis of confidence in the political class and the lack of clear organization and convincing actions by the government to guarantee the purchasing power of citizens and the competitiveness of the economy are straining the processes for the adoption of the euro, he added.

According to Radev, there is a lack of respect for the basic principles of democracy when making this important decision.

Institutions with critically low legitimacy take a strategic decision for our common future without listening to the citizens' opinion, the head of State also said.

Regardless of the outcome, the referendum will contribute to the development of a national consensus on the euro and will prevent all the negative consequences that could arise if decisions are taken without a majority, Radev added in his address. He said there had been consultations in other member states on the introduction of the euro.

“Any attempt by the political forces to present the referendum I am proposing as a referendum "for" or "against" Bulgaria's European future will be a gross manipulation,” Radev stressed at the end of his speech. He concluded by saying that Bulgaria is a full member of the European Union, which has the right to determine when to introduce the European currency. This right belongs to the Bulgarian people, he said.