Bulgaria became the 21st member of the eurozone, joining the monetary union after a path marked by political instability and divided public opinion. The move, which sees the replacement of the Bulgarian lev with the euro, positions Bulgaria alongside other eurozone members, despite the country being the poorest in the European Union, according to Reuters.
The transition has been a source of contention within Bulgaria, splitting the population of 6.5 million. Opinion polls indicate a near-equal division between those who welcome the euro and those who harbor reservations. For younger, urban, and entrepreneurial Bulgarians, the adoption of the euro is viewed as a positive step, integrating the nation further into the European mainstream, following its accession to NATO, the EU, and the Schengen zone.
However, older, rural, and more conservative segments of the population express fear and resentment toward the change. The lev, meaning lion, has been the national currency since 1881. Since 1997, the lev has been pegged to other European currencies, initially the Deutschmark and subsequently the euro.
Political turmoil has further complicated the transition. Prime Minister Rosen Zhelyazkov's coalition government faced a confidence vote on Dec. 11.
Bulgarian shops have displayed prices in both lev and euros since August in preparation for the currency switch. The adoption of the euro signifies a major step for Bulgaria, but the path forward requires navigating the concerns of a divided populace and maintaining political stability.
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