The euro will welcome its 21st member on January 1. Here’s why
Bulgaria to join eurozone on New Year’s Day
- Bulgaria is set to become the 21st country to join the euro currency union on New Year's Day, furthering its integration into the European Union.
- The move occurs amid political instability and public scepticism, with many Bulgarians fearing price rises and increased inflation following the changeover.
- Opinion polls indicate significant opposition to joining the eurozone, with approximately half of Bulgarians against the single currency due to concerns about corruption and the standard of living.
- Supporters believe euro adoption will attract investors and strengthen ties with Western Europe, while pro-Russian and nationalist groups exploit public fears and spread disinformation.
- Analysts suggest that deeper European integration, including the euro, can help combat Russian influence and provide a mechanism to address corruption, though it will not resolve Bulgaria's political fragmentation alone.