A mixture of festive euphoria and deep-rooted fear of appreciation marked Bulgaria's first days in the eurozone. This is how the leading Spanish newspaper El País describes the historic change that occurred on January 1, 2026. In an extensive report from Sofia, the publication does not spare critical details about the economic reality in our country - from – But behind the facade of celebrations and the projected euro coins on the BNB building, El País reveals a more disturbing picture of economic imbalances.
The most scandalous fact that the Spanish journalists bring to the fore is the recognition of the huge volume of available money that has changed its form in recent months. According to former Finance Minister Assen Vassilev, quoted by the media, the leva banknotes and coins in circulation have decreased by 7.5 billion euros (nearly 15 billion leva) in just one year.
This money has not evaporated - it has inflated asset prices. "Housing prices have increased by 50%, as many people thought this was the moment to buy before prices jumped with the euro," Vassilev admits to El País. This process of "lightening" of capital has practically made housing unaffordable for a large part of working Bulgarians, creating a classic property bubble right at the entrance to the eurozone.
While institutions boast of controlled inflation of 5%, ordinary citizens feel a completely different reality. "For many foods and essential goods, the price increase is around 20%; people feel it, even if the statistics don't show it", commented 34-year-old insurance broker Trayan Damyanov. His skepticism is representative of the nearly half of Bulgarians who, according to Eurobarometer, were against the currency change.
Traders also acknowledge the pressure. "Suppliers have already increased our costs, so we did too", Maria Doncheva, a restaurant owner, told Spanish reporters. This "knock-on effect" of appreciation refutes optimistic forecasts that the transition will pass without a price shock.
El País does not fail to note the absurd political situation in which Bulgaria adopts the single currency - in conditions of official power, expectation of "eighth elections in four years" and fresh memories of the December protests of "Generation Z" against corruption.
The publication recalls that Bulgaria remains the country with the lowest per capita income in the EU (11,330 euros for 2024), which makes any inflationary pressure socially explosive. However, business remains optimistic. The expectations are that small and medium-sized enterprises will save about 500 million euros from currency transfers, and tourism, which generates 8% of GDP, will receive a powerful boost.
Will the "European family" will bring the promised prosperity or deepen social inequality through a price shock - that is the question that El País leaves open as Bulgarians queue up in front of banks, not only to exchange leva, but also to buy gold as insurance against the future.