As Bulgaria plans to adopt the euro in January 2026, the long-standing question resurfaces across Europe: Should EU member states abandon their national currencies in favor of the euro? Sweden, a member of the EU since 1995, has so far chosen to keep its currency, the krona. Meanwhile, several younger member states, including Bulgaria, are preparing to join the eurozone.
This article does not aim to take sides—but rather to provide a balanced perspective on why some countries want to adopt the euro while others remain hesitant. Because this is not just about economics. It’s about national identity, control, security—and fear of change.
What Is the Euro and the Eurozone?
The euro is the common currency of the euro area (or eurozone) and is currently used by 20 of the EU's 27 member states. The eurozone is not just about sharing the same coins and bills—it also means unified monetary policy under the European Central Bank (ECB). Countries in the eurozone have given up control over national interest rates, currency values, and independent monetary adjustments.
However, not all EU countries participate. Denmark has a formal opt-out. Sweden, although legally required to join, has delayed the process by choosing not to meet certain criteria—especially by avoiding participation in the ERM II exchange rate mechanism.
Bulgaria – On the Road to the Euro
Bulgaria joined the EU in 2007 and has used the Bulgarian lev as its national currency for decades. Since 1997, the lev has been pegged to the euro (formerly to the Deutsche Mark) through a currency board mechanism. This has provided financial stability, but it also means that Bulgaria already lacks a fully independent monetary policy.
Thus, adopting the euro officially may not be a dramatic change for many Bulgarians—it’s already a de facto euro economy.
So why now?
Bulgaria has worked to meet the Maastricht criteria: low inflation, sound public finances, a stable exchange rate, and low interest rates. During 2023 and 2024, significant progress was made. However, challenges remain—not least convincing the population.
Surveys show that Bulgarians are divided on the issue. Some fear rising prices, higher living costs, and a loss of national control. Others see the euro as a gateway to deeper EU integration, economic security, increased trade, and fewer transaction fees.
Arguments for the Euro – According to Supporters
1. Stability and Trust
For countries with a history of inflation or weak currencies, the euro represents a promise of macroeconomic stability.
2. Easier Trade
A common currency simplifies trade within the EU. It standardizes pricing, eliminates currency conversion costs, and creates a more predictable business environment.
3. Lower Interest Rates and Better Financing
Eurozone countries often enjoy lower borrowing costs—beneficial for both governments and businesses.
4. A Symbolic Step Toward Europe
For countries like Bulgaria, adopting the euro is a sign of maturity and alignment with EU norms—proof that the country has met the requirements of membership.
Arguments against the Euro – According to Critics
1. Loss of Monetary Control
Joining the eurozone means surrendering the ability to adjust interest rates or currency values in response to economic downturns or crises.
2. Risk of Price Increases
In many countries that adopted the euro, citizens reported a perceived rise in everyday costs—although official statistics often downplayed this effect.
3. One Currency Doesn’t Fit All
Critics argue that the eurozone tries to force a one-size-fits-all solution onto a continent of vastly different economies. What works for Germany might not suit Bulgaria.
4. National Identity and Autonomy
Currency is more than a means of exchange—it’s a symbol of sovereignty. For some, giving up the national currency feels like giving up part of the nation’s soul.
Sweden – Why We Still Use the Krona
Although Sweden has been an EU member since 1995, it continues to use the Swedish krona. The decision to stay out of the eurozone was backed by a 2003 referendum, where 56% voted no to adopting the euro.
Why?
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Economic Independence: Sweden has managed well during financial crises, partly because it could adjust its own interest rates and currency.
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Symbolic Value: The krona is seen as a part of Swedish heritage and pride.
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Distrust of EU Crisis Management: Events like the Greek debt crisis fueled skepticism about whether the EU can fairly handle economic challenges across its diverse membership.
However, support for the euro exists in Sweden too—among large exporters, economists, and EU-enthusiastic politicians who argue that staying outside may weaken Sweden’s political and economic influence.
What Happens Next?
If all goes according to plan, Bulgaria will switch to the euro in January 2026. Prices will be displayed in both currencies for a transitional period, and public information campaigns will aim to ease the changeover.
For Bulgaria, this marks a major step—but it’s also a gamble. Will the euro attract more investment and strengthen the economy? Or will it trigger public dissatisfaction over rising costs?
Sweden, meanwhile, is expected to stick with the krona for the foreseeable future. But the conversation continues—especially if newly joined eurozone countries show positive results.
Final Thoughts
The euro debate is not just economic. It’s deeply political, cultural, and emotional. It’s about trust—trust in the EU, in domestic policymakers, and in the future.
Bulgaria now stands at the crossroads Sweden faced more than 20 years ago. The outcome remains to be seen. What we do know is this: currency is never just about coins—it’s about who we are and where we’re heading.
By Chris...
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