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Radev’s Gamble: Leaving the Palace for Power

Bulgaria entered 2026 with the euro and a new parliament. Photo: Nikolay Doychinov/AFP/Profimedia

Radev’s Gamble: Leaving the Palace for Power

Bulgaria began 2026 with a new currency and a new parliament. Not everything in the land of roses, however, is coming up roses: the December demonstrations may not have been the last.

Bulgaria rang in 2026 as the eurozone's newest and 21st member. The European Commission's April interim report was largely positive: the changeover had gone smoothly and the public information campaign had given Bulgarians clear and timely guidance on the new currency.

The switch from leva and stotinki to euros and cents had fueled fears of widespread price rises and a squeeze on household budgets. Those fears have largely not materialized, and public support for the new currency is slowly growing.

Among the measures that smoothed the changeover was a mandatory dual-display period, running from August 2025 to August 2026, during which retailers were required to show prices in both euros and leva. Inflation fell steadily through the early months of the year, dropping from 3.5% in December to 2.1% in February, though it has since recovered to 2.8% in March and continued rising into April.

New Currency, Old Problems

Rising inflation is a eurozone-wide phenomenon and does not signal that the dire predictions about Bulgaria's changeover are coming true. That has not stopped the new prime minister from making it a campaign theme. Rumen Radev of Progressive Bulgaria, whose government the National Assembly approved on 8 May, had promised voters lower prices, greater stability and a determined fight against corruption.

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