Bulgarian president’s bombshell proposal: a euro referendum

On Europe Day, Bulgarian President Rumen Radev surprisingly announced he would propose a national referendum on adopting the euro and submit it to the National Assembly.

In a televised address, Radev described the introduction of the single currency as a strategic decision but highlighted the lack of societal consensus on the move and its timing. He criticised the government for failing to ensure citizens’ purchasing power and economic competitiveness, which he said only fuelled public tension. Radev argued that institutions with low legitimacy should not decide Bulgaria’s future without public input, emphasising democratic principles.

Public support for the current coalition government is low, though surveys indicate reluctance to go to the polls again, following seven largely inconclusive elections held since 2021. Radev insisted that adopting the euro requires a broad national consensus. The proposed referendum would ask: “Do you agree that Bulgaria should adopt the single European currency, the euro, in 2026?”

Bulgaria is on track to join the eurozone on 1 January 2026, pending a European Commission and European Central Bank assessment due 4 June, which is expected to be positive. A final decision is set for 8 July.

Radev called the referendum a “test of the National Assembly’s democracy” that will reveal who upholds democratic values and who denies Bulgarians a say in their future. “The referendum will be a healing one for Bulgarian democracy,” he stated, noting that other EU countries have held similar votes, though he provided no examples. He warned against framing his initiative as a vote on Bulgaria’s European future, calling such portrayals “gross manipulation.”

The motives behind Radev’s proposal remain unclear. Prime Minister Rosen Zhelyazkov labelled the referendum unconstitutional, citing a 2024 Constitutional Court ruling prompted by a petition from the pro-Russian Vazrazhdane party. The petition sought a referendum on keeping the Bulgarian lev as the sole currency until 2043. The Court ruled that Bulgaria’s EU accession agreement mandates euro adoption once the criteria are met, rendering such referendums inadmissible.

Zhelyazkov accused Radev of exploiting the euro issue for political gain, suggesting that the president, widely expected to form his own political party after more than eight years in office, is competing with Vazrazhdane in an electoral bid. “It is categorically unacceptable for President Rumen Radev to draw his future political project… on the back of the future of Bulgarian citizens,” Zhelyazkov said, noting that Radev’s actions have caused “bewilderment” among European institutions.

Radev’s proposal drew mixed reactions. The populist party There Is Such a People, the pro-Russian Vazrazhdane, and nationalist groups Velichie (Greatness) and MECH (Sword) supported him. In contrast, Boyko Borissov’s conservative GERB, the centrist We Continue the Change – Democratic Bulgaria, and Delyan Peevski’s New Beginning opposed it.

Ivailo Mirchev of Democratic Bulgaria remarked: “If you ask Putin what he wants to happen in Bulgaria, he wants a referendum against the euro.” The Bulgarian Socialist Party and the Movement for Rights and Freedoms did not comment.

Kiril Petkov, co-chair of We Continue the Change, called the referendum unconstitutional and vowed to ensure that Bulgaria remains “at the heart of Europe.” Resistance emerged even within Radev’s circles, as Krum Zarkov, his secretary for legal affairs, resigned, stating on Facebook: “The reason is the proposal to hold a referendum on a constitutionally inadmissible issue, which I cannot agree with.” Zarkov, a former Socialist MP and justice minister in Radev’s caretaker government, underscored the proposal’s legal flaws.

Prime Minister Zhelyazkov urged parliament to reject Radev’s proposal. The issue is set for debate in Parliament, where populist forces may leverage it to rally supporters, foster anti-euro sentiment, and potentially disrupt Bulgaria’s eurozone accession.

Caption: Bulgarian President Rumen Radev speaks during a press conference with Polish President Andrzej Duda (not seen on this photo) following their meeting in Sofia, Bulgaria, 7 May 2025. [EPA-EFE/PIOTR NOWAK]