BBC: The poorest country in the EU has overtaken Poland, the Czech Republic and Hungary on the way to the eurozone

Bulgaria - the poorest country in the European Union - has become the 21st member of the eurozone, overtaking more obvious and prosperous candidates such as Poland, the Czech Republic and Hungary, writes the BBC.

For mostly young and enterprising Bulgarians living in cities, this is an optimistic and potentially lucrative leap - the latest move in the game that brought Bulgaria into the European mainstream – from NATO and EU membership, through joining the Schengen area, to the current adoption of the euro.

For older, rural and more conservative sections of the population, the replacement of the Bulgarian lev with the euro has caused fear and discontent.

The lev – meaning lion – has been the Bulgarian currency since 1881, but has been pegged to other European currencies since 1997 – first to the Deutsche Mark, then to the euro.

Opinion polls show that Bulgaria's 6.5 million people are almost evenly split on the new currency, and political turmoil is not making the transition any easier.

The coalition government of Prime Minister Rosen Zhelyazkov lost a confidence vote on December 11 after mass protests against the 2026 budget. Bulgaria has held seven elections in the past four years, with an eighth likely early next year.

"I don't want the euro and I don't like the way it was imposed on us," Todor, 50, a small business owner in the central town of Gabrovo, located at the foot of the Balkan Mountains, told the BBC.

"If there was a referendum, I think 70% of people would vote against it."

A referendum on adopting the euro was proposed by President Rumen Radev, but was rejected by the outgoing government.

Todor's business, which produces colored plastics for the domestic market, has had a bad year due to high inflation, he says, and the drop in sales, he says, is due to fear of the euro.

Ognyan Enev, 60, who owns a tea shop in central Sofia, is more enthusiastic. “Overall, this is a good thing. It's just a technical change. It doesn't bother me,” he tells the BBC.

In any case, he stresses, people who have bought apartments or cars so far are used to prices quoted in euros. The 1.2 million Bulgarians living abroad have also been sending money in euros for years.

Like many other traders, Ognyan has prepared the new currency, in coins and small denomination notes, for the transition.

In January, payments can be made in both leva and euros, but change must be in euros. From February 1, payments in leva will no longer be allowed.

He hopes that joining the single currency will be favorable for trade – many of the flavoured and fruity teas it sells are sourced from traders in the eurozone, while the more expensive high-end teas are imported directly from China and Japan.

From August 2025, all shops in Bulgaria will be required by law to display prices in both currencies.

Conveniently, 1 euro is worth about 2 leva (1.95583, to be precise). In response to public concerns that prices would be rounded up, sophisticated controls were set up to protect consumers. And some prices were rounded down: the price of public transport in the capital Sofia will drop slightly.

The design of the reverse side of the new euro coins was chosen to address concerns that Bulgaria was losing its sovereignty. Saint Ivan of Rila is depicted on the 1 euro coin, and Paisius of Hilendar, an 18th-century monk and advocate of national revival, is depicted on the 2 euro coin.

The lower denomination coins depict the Madara Horseman, a symbol of early Bulgarian statehood, based on an 8th-century rock relief.

How exactly the new currency will affect Bulgaria as a whole is a question that concerns everyone.

The experience of other countries suggests two versions - the successful – – "Baltic model", followed by Estonia, Latvia and Lithuania, which combines the euro with reforms to streamline administration, encourage investment and fight corruption. And the "Italian model", followed by years of stagnation.

"I'm afraid we'll look more like Italy," predicts Ognyan Enev.