Rumen Radev, the president of Bulgaria, has announced that he will ask parliament to hold a vote on whether or not the nation will accept the euro as its currency. Radev stated in a national speech that “Bulgaria, as a full member of the European Union, faces a strategic decision – the introduction of the single European currency.”
“The referendum will serve as a litmus test for the democracy of the National Assembly, revealing who is upholding democratic values and who is denying Bulgarians their freedom to choose their destiny. The Bulgarian democracy will benefit from the referendum. Bulgaria’s journey to join the eurozone has not been straightforward.
The European Central Bank said in 2024 that the nation’s inflation was too high to allow it to join the currency union. Additionally, nationalist demonstrators who demanded that the government abandon its intentions to join the eurozone fought with police in Sofia in February of this year.
A door was set on fire after some 1,000 demonstrators assembled in front of the European Commission’s (the executive part of the European Union) Sofia headquarters and tossed firecrackers and red paint at the structure.
In recent years, Bulgaria, which became a member of the EU in 2007, has struggled with political instability. Joining the eurozone is a top aim for the new administration, which was founded last month.
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