site.btaUPDATED President’s Push for Euro Referendum Meets Continued Opposition from Government, Lawmakers 

As President Rumen Radev submitted officially a proposal for a national referendum on the adoption of the euro by Bulgaria in 2026, the issue remained very much in the focus of attention and comments continued. Prime Minister Rosen Zhelyazkov urged the legislature not to consider the proposal which he called “anti-constitutional”, and Continue the Change – Democratic Bulgaria (CC-DB) co-floor leader Nikolay Denkov is even positive that there will be no referendum. GERB-UDF called on the parliament leader, Nataliya Kiselova, to declare the proposal inadmissible and "send it back to its author". Interior Minister Daniel Mitov called the proposal “a clear act of sabotage against the introduction of the euro in Bulgaria”.

Bulgaria is hoping for accession to the eurozone in 2026. Ad-hoc reports on its readiness for that - one by the European Central Bank and one by the European Commission, are due in June 2025. 

President Radev’s proposal for the referendum question is "Do you agree to have Bulgaria adopt the single European currency euro in 2026?".

Prime Minister Zhelyazkov believes that a referendum proposal such as the one for the timing of the euro changeover, would violate the Constitution and the national referendum legislation, as well as the EU law. "Considering all the arguments that have been raised [against the referendum proposal], the President could reconsider his intention," Zhelyazkov said. He said also, "I urge Parliament not to consider this anti-constitutional proposal for a euro referendum” and went on to hypothesize that the real goal is not the holding of a referendum but rather an effort to destabilize European institutions' stance on the upcoming convergence reports, so that Bulgaria does not join the eurozone in 2026. 

Interior Minister Daniel Mitov reiterated the government leader's position and said "a proposal of this type violates the Constitution, and also contravenes already ratified agreements and commitments undertaken by the Bulgarian side.” 

In a statement on Monday, GERB-UDF urged the chair of the National Assembly to reject the proposal for a euro referendum of President Rumen Radev as inadmissible and return it. GERB-UDF insist that the proposal of the President categorically contradicts the constitution of Bulgaria, the EU law, and the law on the direct citizen participation in state and local government.

In Parliament, the referendum initiative is opposed by GERB-UDF, CC-DB, BSP - United Left, and Movement for Rights and Freedoms - New Beginning. Democracy, Rights and Freedoms did not say that they would vote "for" or "against" a referendum but said that they made their choice in favour of the euro 35 years ago. There Is Such a People said that while they support the proposal for a referendum, they back the adoption of the euro. Vazrazhdane, Velichie and MECh are against the euro adoption.

CC-DB’s Nikolai Denkov said, “There will be no referendum on adopting the euro, because that would mean violating the Constitution. Adopting the euro is the final step in our journey to becoming a full-fledged member of Europe - the place where major decisions are made, large investments occur, and where people live best. We are witnessing intense propaganda ahead of this step, and people are being misled in many different ways. The truth is that if there are any differences, they will lie in the much stronger oversight of banks and the gradual decrease in interest rates, as the perceived risk for investors will be reduced,” Denkov said.

Co-chair of Continue the Change and former finance minister Assen Vassilev warned of a disinformation campaign aiming to shake trust in the forthcoming euro changeover. He said the EU accession treaty clearly states that Bulgaria should join the euro area when it has fulfilled the conditions and it already has. “This is the alternative - either we enter the euro area, or the currency board is removed. If we are talking about sovereignty - at the moment we do not have any because we do not even sit at the table, we only take decisions through the currency board," the former finance minister said.