Bulgaria's President Warns Against Hasty Eurozone Entry Amid Oil Crisis and Global Instability

President Rumen Radev has urged for caution amid the growing instability in the international arena, warning that Bulgaria must avoid being drawn into escalating global conflicts. Speaking from the village of Dren, where he took part in the 35th anniversary celebration of SOS Children's Villages Bulgaria, Radev emphasized the fragility of the current geopolitical and economic environment, calling it a time when security is no longer a given and stability has become a luxury.

He noted that the erosion of international law and the increasing readiness to resort to violence - through missiles and bombs - highlight a dangerous shift in global relations. Alongside this, the president pointed to sudden disruptions in supply chains and economic unpredictability. Prices, he said, are soaring without regard for traditional economic models or logic. In such times, he stressed, it is essential that the Bulgarian government’s actions and commitments are closely scrutinized to ensure that the country does not shoulder unnecessary risks. “The price can be very high,” Radev warned.

One of the president’s key concerns centered on Bulgaria’s plans to join the eurozone. With current economic pressures, particularly those stemming from a global oil crisis, he argued that such a significant step must be evaluated with great care. “Even entering the eurozone must be considered carefully in the context of today’s volatile environment,” he stated.

Radev also spoke about the importance of national unity in times of crisis. He said that holding a referendum, particularly now, could serve as a tool to stabilize the country and build the consensus that is so urgently needed. According to him, in turbulent times, such democratic mechanisms help reinforce state institutions and trust.

Addressing questions about the situation in the Middle East and whether he would convene the National Security Advisory Council, the president explained that, for the moment, he sees no need for it. He recalled that he had already summoned a meeting with the relevant ministries and security services at the earliest stage of the latest escalation, where various risks and consequences were discussed thoroughly. The situation, he said, continues to be monitored by the security services, and a future meeting could be held if circumstances require it. He noted that a similar advisory council had already been convened in October of the previous year, focused on the same conflict.

Radev expressed disappointment over the lack of communication with the government. He said that the presidential institution was not invited to a key meeting held earlier in the day at the Council of Ministers, convened by Prime Minister Glavchev. “There is no dialogue. Dialogue is conducted only from my side, at the initiative of the presidential institution,” he stated. According to him, the presidency has been left out of several discussions of national importance.

In light of ongoing conflicts and geopolitical uncertainty, the president also addressed the issue of defense spending. He acknowledged that defense has become an unquestionable priority and agreed that more funds must be allocated. However, he stressed that how and where this money is invested matters greatly. He called for Bulgaria to actively participate in major European defense projects and emphasized the need for transparency in how government decisions are made in this regard.