site.btaPresident: Conflicting Assessments Prompted Euro Referendum Initiative

President Iliana Iotova said an initiative for a referendum on the euro adoption by Bulgaria was driven by conflicting assessments from national institutions and European partners about Bulgaria’s readiness to join the eurozone, speaking on bTV's morning programme.

President Rumen Radev, with Iliana Iotova then serving as Vice President, initiated an effort to hold a national referendum on Bulgaria’s planned adoption of the euro in 2026, submitting a proposal in May 2025 asking citizens whether they agreed with the move. He framed the referendum as a way to build public consensus on a major monetary decision and said it would give people a voice on their economic future. Then National Assembly Chair Nataliya Kiselova dismissed the proposal as inadmissible on constitutional and legal grounds, arguing it conflicted with specific articles of Bulgaria’s Constitution and European Union treaties and could not be considered in that form. A later challenge to Parliament’s rejection was brought before the Constitutional Court, which declined to overturn the Assembly’s decision, ruling that the contested parliamentary resolution did not produce the legal effects sought by the referendum proposal. No representative of the presidency appeared at the final parliamentary session to argue in favour of the referendum, and opponents in parliament maintained that the matter was either constitutionally inappropriate for a referendum or unnecessary given Bulgaria’s political commitments to the eurozone accession process. Parliament ultimately voted to reject the proposal on December 3, 2025, with 81 MPs in favour, 135 against and three abstentions, effectively blocking the referendum less than a month before the country was set to join the eurozone.

President Iotova pointed to sharply different evaluations voiced within a short period - from claims that Bulgaria failed to meet the criteria and had a serious budget deficit to a subsequent positive convergence assessment and approval from the European Commission - raising questions about the accuracy of national data or their interpretation.

Iotova stressed that the issue is not the euro itself, but whether the country is sufficiently prepared, arguing that Bulgaria’s transition has been rushed compared with other states.

According to her, some citizens have experienced a decline in purchasing power after the euro’s introduction, fueling public concern, and the next regular government must adopt policies to protect incomes and stabilize prices.

Iotova added that eurozone membership offers opportunities only if backed by a clear national strategy for investment and economic development, and said Bulgaria must clearly define its position to defend its interests in shaping future EU economic policies.