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Bulgaria is preparing to adopt the euro in January amid fresh domestic political turbulence and fears that Russia-aligned disinformation is deepening distrust of the new currency.

The Balkan country of 6.5 million people will become the 21st country to join the eurozone on 1 January, as policymakers in Brussels and Sofia hope it will boost the economy of the EU’s poorest nation and cement its pro-western trajectory.

...

On a recent visit to Sofia, the [EU] economy commissioner, Valdis Dombrovskis said the move was key at a time of Russia’s war with Ukraine, rising geopolitical tensions and global economic uncertainty that “underline the importance of European unity”.

“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.

Despite the touted benefits, however, Bulgarians are far from united. A recent survey by the ministry of finance showed that, while 51% of citizens were in favour of joining the single currency, 45% were against it.

...

A fight broke out in the parliament in June when the euro entry was approved by the European commission, with MPs from the far-right, pro-Russian Revival party blocking the podium.

Petar Ganev, a senior research fellow at the institute of market economics, a thinktank based in Sofia, said the division on the euro was symptomatic of broader political tension.

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

...

A four-year political crisis marked by seven parliamentary elections and widespread corruption have eroded trust in the government and contributed to the polarised political climate. Last week, the government of the former prime minister Rosen Zhelyazkov resigned after less than a year in office after weeks of mass anti-corruption protests across the country.

...

Victor Papazov, a macro economist and adviser to the anti-EU Revival party that has campaigned against euro membership and is close to Vladimir Putin’s United Russia, claimed Bulgaria was heading for a Greek-style crisis.

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

The leader of Revival, Kostadin Kostadinov, faced criticism earlier this year when he made the unfounded claim that Bulgarians would lose their savings after joining the euro due to a different exchange rate.

...

Investigative reports, meanwhile, have found that a network of Russian-linked social media campaigns sought to undermine support for the euro by spreading disinformation.

Asked about alleged Russian influence on public opinion about the euro, Dombrovskis said it was “no secret” Russia was waging a hybrid war against Europe. “It is provocation, acts of sabotage, violation of European airspace, meddling in political processes in the European Union, also in other countries, and it is spreading disinformation,” he said.

Despite the protests and fears about joining, many remain positive. Maria Valentinova, 35, a pharmacist from Sofia, said the euro “will be good for the economy of the country in the long run”. She was glad her six-year-old son would grow up in a country belonging to the eurozone.

...

top 8 comments
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[–] Foni@lemmy.zip 19 points 8 hours ago

Welcome, Bulgarian brothers. I hope this helps your economy. In Spain, despite some problems, the euro has helped us to strengthen tourism and has attracted a lot of investment from the rest of the EU.

[–] Boppel@feddit.org 17 points 8 hours ago* (last edited 8 hours ago)

german here. open arms for bulgaria. i heard only good from you. someday i will visit the amphitheater of serdica and hike your forests.

[–] LeeBeeG@piefed.social 15 points 8 hours ago* (last edited 8 hours ago)

I see so much disinformation and fake pro Russian news and bots. It’s insane, instagram and X should be banned. TikTok as well and we should have EU social media platforms. With good privacy and AI regulations.

[–] despite_velasquez@lemmy.world 5 points 7 hours ago (2 children)

Could someone confirm to me that a move to the eurozone is typically GOOD for countries where fiscal imprudence and corruption is a thing? I'm a Romanian wishing we'd join the Eurozone too, but the country would probably melt down if we tried, as both politicians and Eurosceptics seem quite against it

[–] Ooops@feddit.org 9 points 6 hours ago

Extrapolating from other countries who did the move the EUR adoption brings slight inflation in the short-term but long-term much easier access to investments from the rest of Europe, easier trade, as well as an uptick in tourism-related spending (mostly from EUR-using European tourists).

[–] randomname@scribe.disroot.org 8 points 7 hours ago* (last edited 6 hours ago) (1 children)

I don't know much specifically about Romania, but as all other Eurozone members the country would certainly benefit from reduced transaction costs, which makes cross-border trade easier. This also tends to support investments in the country (both from within the Eurozone and from abroad), and it may bring increased price stability (particularly for countries with weaker economies).

Eurozone membership also means being part of the European Stability Mechanism. This creates a higher degree of financial stability for members, particularly in times of a crisis, as it provides a source of funding that countries may not have otherwise.

These would be my two cents.

What are the reasons that politicians in Romania are hesitant to join the Eurozone?

[–] Ooops@feddit.org 9 points 6 hours ago

What are the reasons that politicians in Romania are hesitant to join the Eurozone?

Well... Take a guess why pro-Russian politicians are the ones loudly against it and why Russian-financed desinformation campaigns are targeting the poor/rural population with horror-stories of high-inflation caused by the Euro...

[–] avidamoeba@lemmy.ca 3 points 4 hours ago

The government already fell so there's no government to fall as a result of the short-term inflation early next year. 😆 We'll see how that impacts the next election.