Bulgaria became the 21st member of the eurozone, despite political turmoil and divided public opinion, according to Reuters. The move, finalized after a long path that saw Bulgaria leapfrog more prosperous candidates like Poland, the Czech Republic, and Hungary, marks a significant step in the country's integration into the European mainstream.
The adoption of the euro follows Bulgaria's membership in NATO, the EU, and the Schengen zone. Since August, shops in Bulgaria have displayed prices in both lev and euros, preparing citizens for the transition. The Bulgarian lev, meaning lion, has been the national currency since 1881, but it has been pegged to other European currencies since 1997, first the Deutschmark and then the euro.
The transition is not without its challenges. Reuters reported that opinion polls indicate Bulgaria's 6.5 million population is almost equally divided on the new currency. The change has been met with optimism from urban, young, and entrepreneurial Bulgarians, who see it as a potentially lucrative move. However, older, rural, and more conservative segments of the population express fear and resentment toward the replacement of the lev.
Political instability further complicates the situation. Prime Minister Rosen Zhelyazkov's coalition government lost a confidence vote on Dec. 11, adding uncertainty to the transition process.
According to Reuters, Bulgaria is the poorest country in the European Union. The adoption of the euro is expected to bring both economic benefits and challenges as the nation navigates this significant monetary shift.
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