Sofia, 1 January 2026 (dpa/MIA) - The eurozone on Thursday welcomed a new member as Bulgaria joined the single currency area with the turn of the year, marking a major milestone in its EU integration despite some domestic opposition.

The Balkan country has been an EU member since 2007 and becomes the first country to adopt the euro since Croatia started using the common currency in 2023.

Being a member of the eurozone makes trading and travelling easier. People who do business or want to invest will no longer have to worry about exchange rates. Tourists also benefit as they no longer have to obtain the local currency, which is usually associated with fees.

The fixed exchange rate is 1.95583 levs per euro – exactly the same as when the Deutschmark was converted to the euro.

The population is divided over the euro and the introduction of the currency has been accompanied by fierce protests.

Many people in Bulgaria, one of the poorer EU countries, doubt that the common currency will benefit them. There is great concern that the euro will drive up prices and that the currency changeover will turn out to be too expensive.

Some people fear that Bulgaria will have to give up some of its independence.

President critical of euro introduction's process

In his New Year's address, President Rumen Radev criticized the fact that there was no referendum on the introduction of the euro.

"Those in power did not want to listen to the citizens," Radev said in his New Year's address broadcast on state television.

Opponents of the euro had collected over 600,000 signatures in favour of a referendum, but the pro-Western parliamentary majority in the Bulgarian parliament rejected a corresponding motion by Radev.

For its part, the European Central Bank (ECB) points to the many advantages of being part of the eurozone. ECB President Christine Lagarde, as Europe's top monetary guardian, promises Bulgarians two things above all: prosperity and security.

MIA file photo