If food prices in Bulgaria continue to rise, which is likely due to economic growth, many people may blame the euro for this, although it is not true, writes FACS. And this could have serious consequences.
After the ECB and the European Commission confirmed that Bulgaria meets the criteria for joining the eurozone, the country is preparing to introduce the new currency from January 1, 2026. However, many Bulgarians do not want the euro, notes Michael Martens in the "Frankfurter Allgemeine Zeitung" (FAC). There is a majority in parliament on the issue, but according to polls, most Bulgarians are against changing the currency - they are happy with the leva, which has been fixed since 1997, first against the German mark and then against the euro, the German publication recalls.
The author believes that the government in Sofia started the campaign too late, designed to dispel Bulgarians' fear of the euro and to counter the fake news spread about it. The fear that the euro will make life impossible for pensioners and people with low incomes is particularly widespread. The FACS points out that since joining the EU 18 years ago, Bulgaria has achieved enormous economic progress, but prices have also risen, and in terms of average income and GDP per capita, the country remains in last place in the Community. If bread, butter or electricity become more expensive, most citizens notice this immediately. Pensioners are particularly concerned that supermarkets, electricity suppliers and other traders may take advantage of the currency change to increase prices, and significantly so.
What is the government doing?
The Bulgarian government promises to intervene in cases of unjustified price increases. The National Revenue Agency, the Consumer Protection Commission and the Competition Protection Commission have concluded an agreement for coordinated action against unfair traders. Prices, especially of basic food products, will be under constant surveillance, and if violations are found, fines of up to 25,000 euros or ten percent of last year's turnover may be imposed, the FAC points out.
The German publication also writes that citizens can report any violations they notice - online or by phone, and in the coming months the Consumer Protection Commission will hold hundreds of information campaigns throughout the country. A special role will be assigned to post offices, where a large part of pensions are paid. The branches are to be equipped with money counting machines and counterfeit euro banknote detectors. However, the funds for this purpose have yet to be allocated. The reason: the announcement of the positive reports on the fulfilled criteria was awaited.
This is also the justification for the belated start of the government's counter-campaign against the flow of lies spread about the euro, the FAC points out. It has been said more than once in Sofia that starting the campaign before the reports of the competent institutions would be premature. But by February at the latest, Bulgaria could have been expected to receive the green light - with the fall in inflation, which was the main obstacle, notes Michael Martens.
The German journalist writes that since then the campaign against the euro has become more intense and, although it cannot be proven that it is directed by Russia, this is likely. The openly pro-Russian party "Vazrazhdane" is particularly active - with its insistence on a referendum against the euro. Now the Bulgarian government is trying to counter the disinformation lead of the opponents of the euro with facts. For example, with the argument that so far no country has become poorer with the introduction of the euro and the French, Germans or Italians have not lost their identity at all after abandoning their national currency.
A big risk
FAC notes that exchange offices will lose a large part of their business, but no one else will lose from this. Thanks to the euro, exchange costs for imports and exports will be eliminated, and the state will be able to refinance its debts, which are already low, more cheaply. And rating agencies may raise their assessment of Bulgaria.
Michael Martens points out, however, that all this does not directly affect the daily lives of many Bulgarians. The political risk lies elsewhere: if food prices in Bulgaria continue to rise, which is likely in the context of ongoing economic growth, from 2026 onwards many people may blame the euro for this, even though it has nothing to do with it structurally. This would create the best conditions for the following narrative: the elite has imposed a currency on the "people" that they did not want at all, and now they are suffering from it. If these kinds of questions remain unanswered for a long time, they could have serious consequences in the elections, concludes the FAC.