site.btaMedia Review: July 8

BULGARIA’S EUROZONE ACCESSION

As on Monday, the topic of Bulgaria joining the eurozone dominates Tuesday's news media.

On July 8, the European Parliament (EP) in Strasbourg and the Council of the European Union in Brussels Tuesday is scheduled to hold final votes regarding Bulgaria's accession to the euro area as of January 1, 2026.

MEPs will vote on a report by MEP Eva Maydell, who supports this country's entry into the euro area. The report was preliminarily approved by the EP’s Committee on Economic and Monetary Affairs and Subcommittee on Tax Matters on June 24.

The EU Economic and Financial Affairs Council (ECOFIN) will vote on three decisions: adding Bulgaria to the list of euro area countries, setting the lev-euro exchange rate, and approving this country’s adoption of the euro. Only the decision on the exchange rate requires unanimity. At its last meeting on June 19 in Luxembourg, ECOFIN adopted a preliminary decision to maintain the current official exchange rate. The European Council gave its approval for Bulgaria’s accession to the Eurogroup on June 26.

The upcoming decisions are based on positive convergence reports published by the European Commission and the European Central Bank on June 4. The reports concluded that Bulgaria is ready to adopt the single European currency. If approved, Bulgaria will become the 21st euro area member on January 1, 2026.

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According to Bulgarian National Radio (BNR), Bulgaria is on the threshold of the Eurozone, and no surprises are expected, as EU member states and European leaders have already unanimously recommended that Bulgaria adopt the euro starting next year.

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In an interview with Bulgarian National Television (BNT), MEP Eva Maydell said that Bulgaria’s entry into the Eurozone contributes to a stronger Europe. “Today is a historic day for our country,” she said, adding that over the past 30 years, many generations of Bulgarians believed Bulgaria belonged in the most integrated part of the European Union. With the Council of Ministers and the European Parliament's decision, Bulgaria is now expected to complete its full integration into the EU and take its place among the most developed countries in Europe, and the world. She recalled that in 1989, many Bulgarians hoped for a democratic, European Bulgaria; in 1997, many endured the hardship of the economic crisis; and today, many young people call Europe their home. “For all of them, and for the many politicians and institutions who worked over the years to reach this goal, we owe a positive vote in the European Parliament,” she emphasized.

Maydell noted that the final “yes” from Brussels and Strasbourg marks the conclusion of a complex and lengthy process of adopting the euro in Bulgaria. “We must explain that there are several steps before the euro can officially be adopted – the Council, the European Central Bank, the European Commission with their convergence reports, and of course the European Parliament all must weigh in,” she said. “It would be too easy if this were merely a formality. Here in the European Parliament, we have various political groups, some very centrist and pro-European, others less so. This is a serious vote and must be taken seriously, and the signal sent by the European Parliament must be clear.” She added that in recent weeks and months she had worked actively with colleagues from across the political spectrum to secure as much support as possible. “We must understand that some MEPs are not against Bulgaria joining the Eurozone, but their political orientation favours less European integration. So, I expect some of these colleagues from other member states to abstain,” Maydell told BNT.

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Eurogroup President Pascal Donohoe told bTV that all member states of the Eurogroup are unanimous in their support for Bulgaria.

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Capital.bg notes that Bulgaria will receive a final “yes” for the euro, calling the event historic, as it will shape not only the country’s economic trajectory but also its foreign policy orientation. Bulgaria’s upcoming accession to the Eurozone may soon lead to an improved credit rating – potentially its first-ever investment-grade A rating, bringing better financing conditions for the government and businesses. Retailers must begin displaying prices in both leva and euros by August 8, while institutions are tasked with ensuring a smooth transition through public awareness campaigns. This fall, the government will draft its first budget in euros, which must reflect fiscal responsibility, as the Eurozone allows easier access to funding that could otherwise fuel reckless spending. Despite entering the Eurozone in strong economic shape – marked by growth, low unemployment, and low debt, Bulgaria still lags in GDP per capita, and true convergence with core EU countries will require stronger institutions, less corruption, and fewer populist influences, Capital.bg further explains.

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News outlet Mediapool.bg publishes a frontpage article titled “Europe Welcomes Bulgaria’s Entry into the Eurozone,” featuring a headline image of a banner displayed on the Charlemagne building of the European Commission in Brussels that reads: “Welcome to the Euro, Bulgaria”.

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BoulevardBulgaria highlights that during a meeting on Monday, the finance ministers of the Eurogroup confirmed the fixed exchange rate at which the Bulgarian lev will be converted to the euro after January 1st – 1.95583 leva per euro.

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Segabg.com’s headline on the topic reads: “Today Bulgaria Receives Final ‘Yes’ for the Eurozone”.

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In a discussion on Nova TV’s morning talk show, historian Assoc. Prof. Mihail Gruev said that July 8 is a historic day for Bulgaria, marking the end of a long cycle that began in 1989. “Perhaps January 1, 2026, will be the end of the transition period in Bulgaria,” he voiced hope. Gruev believes that after January 1, 2026, the country will proceed unemotionally along the common European path. “From a historical perspective, the Bulgarian lev was initially a metallic currency according to the law of 1880. In 1894, the paper lev was introduced. But it has always been tied to major European currencies. At first, it was pegged to the French franc. Later, it had a gold backing and some periods of independence, but that lasted only until the Great Depression of 1929. After World War II, it became linked to the transferable rouble – the currency used within the Eastern Bloc,” Gruev explained.

Participating in the discussion, historian Dr. Alexander Stoyanov said: “Whether we have ties with Russia or not is a separate process, connected to the mindset of several generations of Bulgarians before it can change. This does not mean we should turn our backs on that country and its people, but rather reconsider the way we view them and approach them with a healthy dose of critical thinking, which is not the same as phobia or hatred.”

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In an interview with BNR, economist Prof. Valeri Dimitrov emphasized that no country has become poorer after joining the eurozone and expressed confidence that Bulgaria will benefit economically, gaining access to global investors and more financial stability. He noted that the lev has long been tied to the euro, making the transition expected and natural. The eurozone’s banking oversight provides strong protections against crises, and upcoming financial system changes could free capital for investment, further boosting the economy. He rejected fears of EU collapse, highlighting the Union's need for unity in the face of geopolitical challenges. Dimitrov believes that, as in Croatia, public opinion in Bulgaria will become more positive about the euro a year after its adoption.

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In another BNR interview, Laszlo Andor, Secretary General of the Foundation for European Progressive Studies and former EU Commissioner for Employment, Social Affairs, and Inclusion (2010–2014), said that "Bulgaria loses nothing by joining the eurozone and should view it as good news".

ONGOING WATER CRISIS

Citing the Climatekа open platform, the 24 Chasa daily publishes an analysis, warning that Bulgaria is dangerously close to a long-term water crisis. According to the information provided, over the past four years, spring rainfall in Bulgaria has been significantly below normal. In June, rainfall reached only 30% of the monthly average. As of July 1st, reservoirs are filled to just 63% of their usable volume, and in Northeastern Bulgaria, key reservoirs are under 50%, the experts warn. The most severe water shortage is in Northwestern Bulgaria, where reservoirs are only 20–25% full.

Water loss from the supply network exceeds 50%, meaning every second drop is lost before reaching consumers. By late June, several regions were already experiencing water restrictions or major supply issues, and a hot, dry summer is expected to worsen the situation.

July and August are forecasted to remain drier than usual, with no signs of rainfall recovery. This will negatively affect agriculture and water supply. In August 2024, 90% of Bulgaria’s regions had partial or full water rationing due to high temperatures and depleted water sources. Nearly 400,000 people were affected across 297 towns and villages. Currently, the worst-hit areas include the regions of Pleven, Veliko Tarnovo, Targovishte and Pernik.

EDUCATION

Trud reports that a student protest under the motto "Education is a Right, not a Privilege!" will take place on 6:00 p.m. on July 9 in front of the Rectorate building of the St. Kliment Ohridski University of Sofia University. The protest is in response to the increased tuition fees for students in higher education institutions. "We, the students of the Faculty of Law at Sofia University, stand firmly against the decision to drastically increase semester fees. We refuse to accept a reality in which, starting this fall, many of our peers will not be able to cross the threshold of the university simply because they cannot afford double the current tuition. In some faculties, the increase reaches up to 200%! This is not just unfair – it is an attack on the right to education, on the present and future of Bulgaria. We will not allow this to happen! We are taking to the streets because we don’t want to be denied the opportunity to receive quality education, to stay in Bulgaria and contribute to its prosperity, to build a future here – in our homeland," the organizers declare.

HEALTHCARE

Mediapool.bg reports that the Obstetrics and Gynecology Department and the Neonatology Department at the multi-profile hospital for active treatment in Pernik will be temporarily closed from July 9 to July 30, 2025. According to the Regional Health Inspectorate, the reason for the closure of the maternity ward is a staffing shortage, which makes it impossible to provide 24-hour medical care. All patients seeking maternity services in Pernik will be transported by emergency medical teams to the First Specialized Obstetrics and Gynecology Hospital for Active Treatment "St. Sofia" in Sofia. Pernik is the eleventh-largest city in Bulgaria, with a population of 68,259 according to the latest official census from 2021.