Protesters Against the Euro Face Off with Police in Sofia
Protesters Try to Breach EU Mission Amid Debate Over Bulgaria's Plans to Adopt the Euro
On February 22, 2025, thousands of supporters of Bulgaria's ultra-nationalist Revival party clashed with law enforcement during a protest against the nation's plans to transition to the euro.
The protesters attempted to breach the European Union mission building in Sofia, hurling red paint, firecrackers, and Molotov cocktails, which ignited the front entrance.
Police took action, resulting in minor injuries to around ten officers and the arrest of approximately six individuals.
The government denounced the assault, asserting that it undermines the principles of the rule of law.
Demonstrators also set fire to effigies of European Central Bank President Christine Lagarde and other officials, while waving Bulgarian, Soviet Union, and East German flags, and carrying signs stating 'We don't want the euro.' Revival party leader Kostadin Kostadinov advocated for a referendum on euro adoption, voicing concerns over Bulgaria's financial autonomy.
Despite public division on the matter, with many apprehensive about possible price hikes, the newly formed government, which was approved last month following October's snap elections, remains resolute in its goal to join the eurozone by January 1, 2026. Prime Minister Rosen Zhelyazkov has indicated that the 2025 state budget will aim for a deficit of about 3%, facilitating the euro's introduction.
Nevertheless, Bulgaria must still achieve a broadened inflation target before its application can be fully evaluated.
Economists propose that adopting the euro could draw increased foreign investment and enhance the country's credit ratings, potentially lowering debt financing costs.
The protesters attempted to breach the European Union mission building in Sofia, hurling red paint, firecrackers, and Molotov cocktails, which ignited the front entrance.
Police took action, resulting in minor injuries to around ten officers and the arrest of approximately six individuals.
The government denounced the assault, asserting that it undermines the principles of the rule of law.
Demonstrators also set fire to effigies of European Central Bank President Christine Lagarde and other officials, while waving Bulgarian, Soviet Union, and East German flags, and carrying signs stating 'We don't want the euro.' Revival party leader Kostadin Kostadinov advocated for a referendum on euro adoption, voicing concerns over Bulgaria's financial autonomy.
Despite public division on the matter, with many apprehensive about possible price hikes, the newly formed government, which was approved last month following October's snap elections, remains resolute in its goal to join the eurozone by January 1, 2026. Prime Minister Rosen Zhelyazkov has indicated that the 2025 state budget will aim for a deficit of about 3%, facilitating the euro's introduction.
Nevertheless, Bulgaria must still achieve a broadened inflation target before its application can be fully evaluated.
Economists propose that adopting the euro could draw increased foreign investment and enhance the country's credit ratings, potentially lowering debt financing costs.
