On February 22nd, thousands of supporters of the Revival party attempted to storm the EU building in protest of replacing its currency, the Bulgarian Lev, with the Euro in Sofia, Bulgaria. According to Reuters, the protesters vandalized and damaged the building with paint and firecrackers. While being countered by the police, they chanted, “No to the Euro.”  

The pro-Russian nationalist Revival party, also known as the Vazrazhdane party, is led by party chairman Kostadin Kostadinov. AP News reported that he was demanding, on behalf of his party, “a referendum to decide on entry to the 20-member eurozone.” Kostadinov further threatened to block the National Assembly if the referendum request was not granted. A referendum is a direct vote about a particular law or political issue. The far-right, ultra-nationalist party has grown quickly since Kostadinov introduced it to the Bulgarian National Assembly. Supporters of the party have previously protested in Sofia. In 2023, they stormed the EU offices protesting Bulgaria’s support of Ukraine in the Russian-Ukranian war and have even publicly displayed antisemitism by vandalizing Jewish-owned buildings and businesses.  

Their concerns with the Euro are not entirely misplaced. The EU defines the eurozone as a zone of 20 member states that have “adopted the Euro as their currency.” Bulgaria has been a member state of the European Union since 2007 and now seeks to become a part of the eurozone, eliminating the Bulgarian Lev. What supporters of the Vazrazhdane party are concerned about, however, are the economic implications of joining the eurozone. According to AP, several economists argue that Bulgaria is not in the right economic condition to join the eurozone. Others protested due to further dependence on the European Union. Many against the plan are worried about a repeat of Croatia in 2023, where prices across the Balkan nation skyrocketed as a result of joining the eurozone.  

As in democratic societies, the constituents have a right to display their displeasure over certain laws or political issues. However, this should never be a reason to vandalize, damage, or harm. Several believe that this is just another way that Bulgaria is losing its sovereignty and independence. Joining the eurozone would mean that they have to abide by the Economic and Monetary Union laws. Despite concerns about the transition to the Euro, joining the eurozone could ultimately stabilize the country in the long term. Bulgaria would gain access to one of the world’s most powerful and stable currencies and having adopted said currency would be perceived and become more financially secure. It definitely could have some initial inflationary effects, as seen in Croatia, but gradually, as long as the government is intentional about safeguards and regulation, these risks could be mitigated. Over time, the benefits of adopting the Euro could outweigh the disadvantages and bring greater economic prosperity to Bulgaria.  

Bulgaria faces a critical decision on whether to proceed with the adoption of the Euro, risking more widespread political unrest. It is important to note that this will shape Bulgaria’s financial future and also have a profound impact on its democratic processes. There are deep party lines and divisions as exhibited by these processes, and clearly not everyone is on the same page. While economic concerns are valid, the escalation to violence is not. The Bulgarian government must properly exercise a balance of economically smart decisions with national sentiment. The transition to the Euro, supposing that it occurs, must not only be extremely well-planned but must support and be supported by the people it affects the most.