Tomorrow Is the Most Crucial Day in Bulgaria’s Modern History

On Tuesday, July 8, a series of pivotal decisions are set to unfold that could mark a turning point in Bulgaria’s modern history. The day begins with the most critical plenary session of the current European Parliament mandate in Strasbourg, where three major votes are scheduled. Chief among them is the decision on Bulgaria’s accession to the eurozone - a vote that could finally clear the path for the country to adopt the euro as its official currency starting January 1, 2026.

The vote in the European Parliament is expected around 1:00 p.m. Bulgarian time. A simple majority is needed to approve the report affirming Bulgaria's readiness. That same afternoon, the Economic and Financial Affairs Council (ECOFIN) of the European Union will meet in Brussels to adopt three formal acts: a decision on Bulgaria's eurozone entry by qualified majority, a change to the EU regulation removing Bulgaria’s derogation status, and a regulation fixing the exchange rate, which must be approved unanimously. These steps are essential for the technical and legal finalization of Bulgaria’s transition to the common European currency.

Prime Minister Rosen Zhelyazkov has expressed hope that all Bulgarian Members of the European Parliament will stand united in the vote. “For me, it is extremely important that the Bulgarian delegation votes unanimously in favor of Bulgaria,” he stated during a visit to Razlog on Monday. Although the European Parliament votes largely follow the lines of political groupings, the Bulgarian government hopes for full domestic support, despite vocal opposition.

Resistance has come from the pro-Russian party Revival, which has three MEPs - Petar Volgin, Rada Laikova, and Stanislav Stoyanov - expected to vote against Bulgaria's euro adoption. The party has also launched a letter-writing campaign to all EU member states, urging them to block the move. So far, there is no evidence that this effort has gained traction.

Most of Bulgaria's political forces represented in the European Parliament officially support eurozone membership. These include the ruling GERB party, the Bulgarian Socialist Party (BSP), There Is Such a People (TISP), and the Movement for Rights and Freedoms (DPS) - including both the Delyan Peevski-led New Beginning and the faction around Ahmed Dogan. The WCC-DB coalition is also in favor. In contrast, the parties MECH and Greatness, which oppose the euro, have no MEPs and are not part of the vote.

Zhelyazkov has once again sought to dispel fears and misinformation surrounding the euro transition. “Don’t rush to exchange your savings. During the first six months of 2026, all banks and post offices will convert leva to euros free of charge,” he emphasized. While commercial banks may later introduce fees, exchanges at the Bulgarian National Bank (BNB) will remain free indefinitely. “Even a decade from now, if someone finds leva at home, they’ll be able to exchange them at the BNB without charge,” the Prime Minister added.

He described the real political risk as stemming not from the adoption of the euro, but from those attempting to sabotage the process by stoking uncertainty and fear. “These political players are hoping to turn a managed transition into political chaos - murky waters in which they can float their own agendas,” Zhelyazkov warned.

Meanwhile, in a symbolic gesture of support, the European Commission has unveiled a 30-meter banner reading “Welcome to the Euro, Bulgaria!” on the façade of the Charlemagne building in Brussels. The building, one of the earliest EU institutional structures completed in 1967, stands next to the Berlaymont - the headquarters of the European Commission. This banner serves as a visible statement of the EU’s readiness to embrace Bulgaria as its 21st member of the euro area.

In addition to the euro vote, the plenary in Strasbourg will also feature two other important ballots: one on North Macedonia’s progress report and another on a motion of no confidence in the European Commission - the first such vote in over ten years. Each of these votes carries significant weight, but for Bulgaria, the focus remains firmly on the historic moment that could cement its place at the heart of Europe’s monetary union.