Bulgaria’s National Assembly Speaker Nataliya Kiselova has rejected President Rumen Radev’s proposal for a national referendum on adopting the euro, citing constitutional violations, the BTA news agency reported on Tuesday.
On Monday, Radev suggested a referendum on Bulgaria’s plans to adopt the euro in 2026, posing the question: “Do you agree that Bulgaria should introduce the single European currency ‘euro’ in 2026?”
The government criticized Radev’s proposal, with one minister calling it an attempt to sabotage efforts to join the single currency.
Kiselova returned the proposal, stating that it did not comply with several articles of the Bulgarian constitution and related European Union treaties, and was inconsistent with rulings from the country’s Constitutional Court.
The Constitutional Court has previously rejected a petition for a referendum on joining the euro.
The government aims to adopt the euro next January, pending confirmation from the European Commission and the European Central Bank in June that all membership criteria have been met.
Economists argue that Bulgaria, whose lev currency has long been pegged to the euro, would attract more foreign investment if it adopted the single currency and would secure credit ratings upgrades that could cut its debt financing costs.
However, Bulgarians are divided on the euro’s adoption, with concerns that it might lead to price hikes, as seen in Croatia when it switched to the euro in 2023.
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