Bulgaria

Radev is widely expected to form his own political party prior to the upcoming snap vote.

Bulgarian President Rumen Radev has said that he will resign, stoking speculation that he will form his own political party ahead of snap elections expected to take place in the months ahead.

Radev said on Monday that he would submit his resignation to the country’s Constitutional Court the following day. He will be replaced by Vice President Iliana Iotova if the court grants approval.

“Today, I am addressing you for the last time as president of Bulgaria,” the 62-year-old Radev said during a televised speech, adding that he was eager to participate in the “battle for the future” of the country.

His resignation, the first by a head of state in Bulgaria’s post-communist history, comes as the country – which is a member of the European Union and NATO – struggles to overcome a prolonged political crisis.

Bulgaria’s last government was swept out of power in December amid widespread anticorruption protests, of which the left-leaning Radev was an outspoken supporter. The upcoming snap election will mark Bulgaria’s eighth round of voting in five years.

Large anticorruption protests last month forced the resignation of the governing coalition, led by the centre-right GERB party. Attempts to form a new government within the current parliament have subsequently failed, and the country is headed towards its eighth parliamentary election since 2021.

Radev, whose second mandate ends in 2026, has repeatedly indicated that he may take part in new elections. The former Air Force general has been a vocal opponent of the leader of the GERB party, Boyko Borissov.

Radev has also opposed politician and oligarch Delyan Peevski – under sanctions from the United States and United Kingdom over alleged bribery, corruption and media manipulation – whose MRF New Beginning party has repeatedly backed the outgoing GERB-led coalition.

The former president has expressed doubt about Bulgaria’s decision to join the eurozone and is opposed to sending military aid to Ukraine, chastising European leaders for not doing enough to support the efforts of US President Donald Trump to facilitate a negotiated peace.

Radev did not mention on Monday what his plans are. Asked recently about forming a new party, he said there was a need for a party that “unites all democrats – left and right – regardless of where they belong or whether they are politically active at all, because we all need fair elections and democratic, free development”.

A recent Market Links poll found that Radev has an approval rating of 44 percent.

“His goal is to be close to the majority so that he doesn’t have to negotiate,” Parvan Simeonov from the Myara polling agency told the news agency AFP, adding that a solid result for Radev could be “a way out” of the country’s political crisis.

Move comes nearly two decades after the Balkan country entered the EU as hope for stability clashes with fear of rising prices.

Bulgaria has officially adopted the euro, becoming the 21st country to join the single currency nearly two decades after entering the European Union, a move that has led to both celebration and anxiety.

At midnight on Wednesday (22:00 GMT), the Balkan country abandoned the lev, its national currency since the late 19th century.

Images of Bulgarian euro coins lit up the central bank’s headquarters in Sofia as crowds gathered in freezing temperatures to mark the new year.

“I warmly welcome Bulgaria to the euro family,” said Christine Lagarde, the president of the European Central Bank.

Some residents welcomed the change with optimism. “Great! It works!” said Dimitar, 43, speaking to The Associated Press after withdrawing 100 euros from a cash machine shortly after midnight.

Successive Bulgarian governments have backed euro adoption, arguing it would strengthen the country’s fragile economy, anchor it more firmly within Western institutions and shield it from what officials describe as Russian influence. Bulgaria, with a population of about 6.4 million, remains the poorest member of the EU.

Divided public

Yet public opinion has long remained split. Many Bulgarians fear the euro will drive up prices while wages stagnate, worsening living standards in a country already struggling with political instability.

In a televised address before midnight, President Rumen Radev described the euro as the “final step” in Bulgaria’s integration into the EU.

However, he criticised the absence of a public referendum on the decision.

“This refusal was one of the dramatic symptoms of the deep divide between the political class and the people, confirmed by mass demonstrations across the country,” Radev said.

Bulgaria recently plunged into further uncertainty after anticorruption protests toppled a conservative-led government in December, pushing the country towards its eighth election in five years.

“People are afraid that prices will rise, while salaries will remain the same,” a woman in her 40s told the AFP news agency in Sofia.

At city markets, vendors listed prices in both levs and euros. Not everyone was worried.

“The whole of Europe has managed with the euro, we’ll manage too,” retiree Vlad said.

Bulgaria is saying goodbye to the lev and officially adopting the euro, but some citizens worry that shops will round up when changing currencies, making everything more expensive. Al Jazeera’s Aksel Zaimovic explains their concerns.

Dec. 31 (UPI) — Bulgaria will begin using the euro as its currency on Thursday, and the country hopes it will bring an economic boost, despite concerns.

Bulgaria joined the European Union in 2007, but it’s only now adopting the currency after strong debate and political turbulence.

It’s the 21st country to join the eurozone, and lawmakers in Brussels and Sofia hope it will boost the economy of the EU’s poorest nation.

European Commission President Ursula von der Leyen called the move one of the EU’s greatest achievements.

“This milestone reflects years of hard work and commitment, overcoming challenges,” she said in a statement. “The euro will bring benefits for the Bulgarian people making payments and travel easier. It will bring new opportunities for Bulgarian businesses, allowing them to seize better the advantages of our common single market. It will further strengthen Bulgaria’s voice in Europe. This step is good for Bulgaria, and it strengthens Europe as a whole. It makes our economy more resilient and competitive globally. Congratulations, Bulgaria! You can be proud of what you achieved.”

The country has had dual displays of prices — in the euro and the Bulgarian lev — since August, and that will continue until August 2026. Consumers can use both currencies beginning Jan. 1 through Jan. 31. On Feb. 1, they must only use the euro. The price displays are a way for consumers to monitor prices and a stopgap to prevent retailers from price gouging.

Bulgarians can exchange their currency at banks and post offices for free until July. After that, they can charge for exchanges.

The country is still divided on whether switching to the euro is a good move.

A recent survey by the Bulgarian ministry of finance showed that 51% of citizens wanted to adopt the euro, and 45% were against it, The Guardian reported.

In June, a fight broke out in the parliament when the measure was adopted by the European Commission. Parliament members from the Revival Party blocked the podium. They also organized protests against euro adoption. Revival is a far-right, pro-Russian political party.

Petar Ganev, senior research fellow at the Institute for Market Economics in Sofia, told The Guardian that the division on the euro highlights the country’s broader political tension.

“This is not surprising. The country is divided on almost everything that you can imagine,” Ganev said. “And after the political instability, we ended up in a very hostile political environment.”

Bulgaria has endured a four-year political crisis with seven parliamentary elections and widespread corruption, which has caused a lack of trust in the government.

Valdis Dombrovskis, European Commission economy minister, said in a November speech in Sofia that the adoption of the euro was especially important during Russia’s war with Ukraine, rising geopolitical tensions and global economic uncertainty.

“Most European countries — including Bulgaria — are far too small to shape today’s world on their own. They only stand to gain necessary weight by fully integrating into the European Union’s larger political and economic structures,” he said.

“The euro area is not just a group of countries sharing a common currency,” Dombrovskis said in his speech. “It is a powerful symbol to the world of European integration, economic stability, and geopolitical strength. It gives Europe a collective economic weight that allows it to shape global trade, investment, and financial markets.”

The latest Eurobarometer, a survey conducted by the EU in Autumn 2025, showed that 74% of Europeans said their country has benefited from being a member of the EU, and 59% are optimistic about the future of the EU.

Many Bulgarians fear that prices will spike during the transition. The average monthly income is about $1,500 in the country, so rising prices could be detrimental to some. But the European Commission has said there is no evidence that inflation will rise.

Victor Papazov, macroeconomist and adviser to the Revival party, claimed Bulgaria was heading for a crisis similar to what Greece endured in 2009.

“Any person in their right mind would oppose adopting the euro,” Papazov said in a written statement to The Guardian. “Joining now will make things worse and faster. In my opinion there is not a single serious positive in adopting the euro.”

Maria Valentinova, 35, a pharmacist from Sofia, told The Guardian that she is glad her young son will grow up in the eurozone. She said the currency “will be good for the economy of the country in the long run.”

Valentinova called the transition period “a bit stressful” but said, “I think it will be a good thing in the end.”

Ganev said Bulgarians will get used to the new currency quickly. “What will happen to our country and if we are going to be a good example in the eurozone or a bad example … depends entirely on us.”