"On the basis of Art. 10, para. 1, item 2 of the Law on Direct Participation of Citizens in State Power and Local Self-Government, President Rumen Radev proposed to the 51st National Assembly to hold a national referendum with the question “Do you agree that Bulgaria should introduce the single European currency “euro“ in 2026?“. The proposal and its motivations, which were signed today by the head of state, have been submitted to the parliament's registry," the presidency announced, quoted by Dariknews.bg.
The motivations for the proposal are:
"According to the signed Treaty of Accession to the European Union, the Republic of Bulgaria has undertaken to adopt the single European currency. The Accession Treaty does not specify an explicit deadline for the introduction of the euro.
On June 4, 2025, the extraordinary convergence report on our country's readiness to enter the eurozone will be announced. If the result is positive, Bulgaria will join the eurozone on January 1, 2026.
There is no consensus in Bulgarian society regarding our readiness to introduce the single European currency, nor on the date on which this will happen. There are conflicting assessments at all levels of society: among citizens, in expert circles and in the political class. Sociological surveys clearly show that the majority of Bulgarian citizens are strongly reserved about changing the national currency at this time.
The rulers requested an extraordinary convergence report on our readiness to enter the eurozone, without conducting a comprehensive information campaign and in-depth debate to familiarize the public with both the positives and the real risks and consequences of our country entering the eurozone without the necessary readiness. The lack of clear organization and convincing actions by the responsible institutions to protect the purchasing power of citizens and the competitiveness of the economy creates tension around the process of introducing the euro.
Instead, an advertising campaign was offered to the attention of Bulgarian citizens, which fails to convince the public of our readiness to take this step.
The fact that institutions with critically low legitimacy make strategic decisions about our common future without listening to the opinion of citizens further increases the tension.
As President, I am convinced that the introduction of the single European currency can and should be done with a convincing national consensus, with the inner conviction of the people, and not with a dismissive disregard for their will. Every Bulgarian citizen has the right to make a decision about his money and well-being.
The national currency - one of the symbols of statehood, is an inseparable and important part of national security and national sovereignty. According to Art. 1, para. 3 of the Constitution of the Republic of Bulgaria, no part of the people, political party or other organization, state institution or individual may appropriate the exercise of people's sovereignty. Therefore, in the current situation of lack of sufficient clarity about the readiness to change the national monetary unit, given the emerging divergence between public attitudes and institutions, the will of the people as sovereign should be implemented. This will should be established by holding a national referendum.
The referendum will be a test of the democracy of the 51st National Assembly. It will show who accepts the principles of democracy and who denies Bulgarians the right to determine their future.
The referendum will be a healing one for Bulgarian democracy. It will give the people a voice and allow all arguments to be heard. It will enable the political class to restore dialogue with voters and fight for their trust. Trust that has been lost in recent years.
The referendum will bring thousands of voters back to the polls. Bulgarian democracy is in critical need of this surge of legitimacy.
Last but not least, the referendum, regardless of its outcome, will contribute to building a national consensus on the topic of readiness for the introduction of the euro and will prevent the consequences of decisions taken without the support of the majority of Bulgarian citizens.
Such a referendum will not be a precedent. Other EU member states have already held national referendums on the introduction of the euro. A number of countries that joined the EU before Bulgaria and have significantly better economic indicators continue to retain their national currencies until a public consensus is reached.
Any attempt to present the referendum I propose on our readiness to introduce the euro as a referendum “for“ or “against“ the European future of Bulgaria will be a gross manipulation. Bulgaria is a full member of the European Union, which has the right to determine when to introduce the single currency. And this right belongs to the Bulgarian people.
In accordance with the powers granted to me by the Act on Direct Participation of Citizens in State Power and Local Self-Government on the basis of Art. 10, para. 1, p. 2 I submit to the National Assembly a proposal to hold a national referendum with the question: “Do you agree that Bulgaria should introduce the single European currency “euro“ in 2026?“