What is the Bulgarian President saying with his proposal for a referendum on the introduction of the euro?

published on 5/13/25 1:30 PM

President Rumen Radev

Photo: BGNES

On May 12, 2025, Bulgarian President Rumen Radev signed a proposal to the National Assembly for holding a national referendum with the question: “Do you agree that Bulgaria should adopt the single European currency, the euro, in 2026?” The proposal and its accompanying motives were submitted to parliament’s registry. In them, the head of state points out that Bulgaria’s accession treaty to the European Union does not specify an exact deadline for adopting the euro, and that there is no public consensus on introducing the currency in 2026.

Bulgarian President submits to parliament the proposal for a referendum on the euro

Even before the official submission—when President Radev first announced his intention on May 9 during an official public address—his position sparked confusion, tension, and mixed reactions in Bulgarian society. The proposal has been described as a complex issue, an unconstitutional and illegal act, a political maneuver, and more.

In an interview with Radio Bulgaria, political analyst Svetlin Tachev from the "Myara" agency comments that the president's move is political in nature, but could have either a positive or negative impact on a potential political career after his current term ends. Tachev recalled that in 2020 and afterward, Rumen Radev was aligned with the so-called "political formations of the change” and was among the leaders who attempted to transform Bulgaria’s political environment. At times, however, Radev found himself politically isolated - particularly during the so-called “assembly” government (Denkov-Gabriel cabinet, June 6, 2023 – April 9, 2024).

“As his term nears its end, and with the current government projecting stability - potentially undermining his role as an alternative political figure - stirring such tensions could be a way for him to test public attitudes and assess support for his ideas. We should understand that political alternatives emerge in times of tension. More than one political force has come to power this way.”

According to Tachev, the timing of the president’s move is too late, as the topic of the euro has been previously raised:

“Right now, this could be used against Radev. It could be perceived as an attempt to destabilize the country by diverting Bulgaria from its path to the eurozone - a path we have already committed to and from which I see no turning back. He himself has said that the eurozone is our future and we should be part of it.”

Another political analyst, Slavi Vasilev, shared a different view in an interview with BNR’s Horizon program. Vasilev, who studied International Relations at Boston University and worked in the U.S. Congress and later as a chief expert in President Radev’s administration, commented:

“The referendum proposed by the president is not about being ‘for’ or ‘against’ the euro, but about the timeline in which Bulgaria should adopt the single European currency. I respect President Radev for having the courage - and I know he will, because I know him as a person - to defend the idea that the people should be heard. He knows well that everyone will scream, saying, ‘Here he is - serving Moscow’s interests,’ and other such nonsense. But he did it because he believes it is the right thing to do. And I believe many people support that. Because the Bulgarian people deserve to be heard on issues that affect them directly- like what currency will be in their pockets. No one is discussing the real issues - what the benefits and downsides of the euro are, what will happen to the fiscal reserve, the property market, loan interest rates. A serious discussion is needed, and that’s what the president is calling for. This is a political decision by Radev.”

Svetlin Tachev remains skeptical that the National Assembly will approve holding the referendum, as the parliamentary majority is unlikely to allow it:

Joining the euro area remains Bulgaria's priority

“This gives Radev the opportunity to position himself and say, ‘Look, I did everything I could, but the National Assembly blocked it.’ This isn’t about some strategic goal to destabilize the country, but rather an attempt to gauge public sentiment and see whether his actions would gain support.”

Photos: BTA - archive, BNR

English version and publication: Rositsa Petkova

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What is the Bulgarian President saying with his proposal for a referendum on the introduction of the euro?

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