site.btaUPDATED Convergence Reports Greenlighting Bulgarian Euro Adoption Bring Joy to Powerholders, Concerns to People, Says President Rumen Radev

The two convergence reports are a joy for those in power and a concern for the people, because every Bulgarian knows from their own pocket that although the officially declared inflation rate is 2.7%, in reality it is much higher. The reports themselves do not spare criticism and hedge against all kinds of risks. These are clearly listed within the reports themselves, President Rumen Radev told journalists at Vasil Levski Airport here on Sunday before departing on an official visit to Kazakhstan and Uzbekistan. 

On Wednesday, the European Commission and the European Central Bank issued reports, concluding that Bulgaria is ready to adopt the euro starting January 1, 2026. Both institutions published their analyses simultaneously. Earlier in May, President Rumen Radev proposed that a national referendum be held asking Bulgarians if they agree to have Bulgaria adopt the euro in 2026, which was later rejected by Parliament.

He pointed out that both the European Central Bank and the European Commission are giving Bulgaria a vote of confidence — but with many warnings and remarks, while still assessing significant risks. “I see it as a form of insurance,” Radev added.

According to Radev, both consumers and producers in Bulgaria are well aware that market principles do not function properly in the country, due to the lack of an adequate regulatory framework that would protect Bulgarian producers, encourage farmers to cooperate, and ensure their competitiveness. The President emphasized that the real question is: “Are we truly ready, and when should we join the Eurozone?”

He added that Parliament turned its back on the Bulgarian people by refusing to hold a national referendum on the issue. “The political class has broken the social contract with the citizens,” the head of State said.

According to him, Parliament does not represent the will of the people, but rather is “a kind of citadel that refuses to hear the voice of Bulgarian citizens.”

“No one is denying the positive aspects,” said Radev in response to a journalist’s question. “We expect the Eurozone to boost trust in the Bulgarian economy, attract more investment, and lead to economic growth. But the question is when will this happen. And most importantly, you can see that currently, according to statistics, Bulgaria stands at 59% of the average price levels in the European Union,” Radev noted.

He added that the experience of many other countries that have joined the Eurozone shows that Bulgaria's price level could quickly reach 100% of the EU average within a month. “But when will our economy be able to compensate for this jump, so that the more than 1.3 million Bulgarians living below the poverty line, according to the National Statistical Institute, whose standard of living could sharply decline, can have that standard restored by the economy?” the Bulgarian President asked.

Radev noted that the rise in prices did not begin with the introduction of the euro, but much earlier, and that was not addressed on time.

“When were the Commission for Consumer Protection (CCP) and the Commission for Protection of Competition (CPC) supposed to act? They should have already fought this battle — prices had already taken off with the very request for an extraordinary convergence report,” the President said. According to him, the most regrettable thing is that until now the CCP and CPC remained silent, and only after the President raised the issue of a referendum did they begin to speak about the need to combat price speculation. “This should have happened much earlier,” Radev said.

The reports of the European Commission and the ECB are prepared independently of each other, but the Commission’s report carries decisive weight, as it is the only body that can formally recommend to the EU Council to approve a country’s entry into the eurozone. That is exactly what the European Commission has done — it recommends that Bulgaria adopt the euro as of January 1, 2026.

Brussels' assessment states that the Bulgarian economy is sufficiently prepared, and that Bulgarian legislation is compatible with eurozone requirements.