Posted on 07/09/2025 7:03:59 AM PDT by Cronos
Bulgaria's switch from the lev to the euro comes nearly 19 years after the country of 6.4 million people joined the Europeanunion
In adopting the legal texts necessary for the move, EU finance ministers officially set the euro at 1.95583 Bulgarian lev.
...
Since June, protesters have gathered in Sofia to call for "keeping the Bulgarian lev". A symbolic protest camp with several tents has been set up near the presidency and the Bulgarian National Bank in the capital.
Proponents in Bulgaria, however, insist the move will help improve the country's economy, and reinforce its ties to the West and protect against Russia's influence.
"The political benefits are becoming increasingly significant, as the protests against the euro seem to bear the mark of the Kremlin," 43-year-old musician Veselin Dimitrov told AFP in Sofia. ..
Only 12 countries were part of the single currency area -- including France, Germany, Italy, Spain, and Greece -- when the first euro bills and coins were rolled out on January 1, 2002.
It gradually widened with Slovenia joining in 2007, Cyprus and Malta in 2008, Slovakia in 2009, Estonia in 2011, Latvia in 2014 then Lithuania in 2015.
Croatia was the last country to join in 2023, bringing the total to 20.
Bulgaria wanted to adopt the euro sooner but Brussels judged its inflation was too high to meet the necessary criteria.
EU states that want to join the single currency area must demonstrate that their economy has converged with other eurozone countries and that they are focused on sound public spending.
The conditions include holding inflation to no more than 1.5 percentage points higher than the rate of the three best-performing EU countries.
(Excerpt) Read more at france24.com ...
recent survey by Alpha Research found that 46.5 percent of Bulgarians support adopting the euro, while 46.8 percent oppose it.
Probably should have talked to Greeks before making that move.
unwise move, imho.
who and what resources back the euro?
who and what resources back the euro?
- - - - - - -
Like the dollar, it is backed by the threat of going to jail to people who don’t acquire it to pay taxes.
I guess that Bulgaria is a republic, not a democracy.
yes
point well taken
The euro is backed by the European Central Bank (ECB) and the Eurosystem, which includes the national central banks of the 20 EU countries in the Eurozone (e.g., Germany, France, Italy).
The combined GDP of Eurozone countries, roughly €14.5 trillion in 2024, underpins its value which has as backing reserves, including gold (504.8 tonnes, ~€45 billion at 2025 prices), foreign currencies (mostly USD), and IMF Special Drawing Rights (SDRs).
This is in parallel to the USD : The US dollar is backed by the Federal Reserve System, the central bank of the United States.
The US economy, with a GDP of ~$27 trillion in 2024, is the primary foundation.. the backing consists of ~8,133 tonnes of gold (~€700 billion at 2025 prices), foreign currencies, and SDRs.
Like the euro, the dollar is fiat, backed by trust in the US government and economy, not gold or commodities. Both are fiat currencies, relying on trust, economic strength, and central bank credibility rather than physical assets.
Both Bulgaria and the USA are democracies and republics.
A republic emphasizes a government without a monarch, often with elected officials.
A democracy emphasizes rule by the people, typically through elections.
Both countries are democratic republics, combining these principles. Bulgaria has a unitary parliamentary system, while the US has a federal presidential system.
Bulgaria won’t be Bulgarian much longer. It’s popular with Expats and the productive Bulgarians are leaving.
yes, both “worthless” fiat currencies with zero backing
and the euro has the additional distinctive of being without a sovereign
sort of like Caspar the friendly (?) ghost, or at least it sure will be just as soon as Germany decides it isn’t worthwhile anymore
Dumb move since the other countries are wanting out.
In 2025 I’ve not seen any polling higher than 5% in the eurozone countries for leaving the euro.
Which country are you referring to?
Not really, this line of commentary relies on a fallacy.
Britain, for example, is not a democracy. It is a monarchy. Constitutional monarchy, yes, it has elections yes, but ultimately it, is, a, monarchy. That is what it is.
Having elections does not make you a democracy.
Likewise, people on the left will give you everything you need to prove that the U.S. is not a democracy either. They will point to the undemocratic nature of the U.S. senate. Uh huh, that’s republic. The undemocratic nature of the electoral college. Uh huh, again.
At bottom there is only one answer. Is Britain a democracy or is Britain a monarchy? It is a monarchy. That is the answer - the answer. That is what is at the bottom. The same could be said for Cuba, China, and many others. Communist governments are neither “democracies” nor “republics”, they are somewhere in the range of oligarchies or simple plain dictatorships and yes many hold elections. They are not a democracy.
Likewise, the systemic thwarting of the will of the majority that exists not only in the U.S. constitution as well as in all 50 of the state constitutions is by design. That’s republicanism. You cannot have systemic thwarting of the will of the majority in a democracy.
At bottom the U.S. is every bit a republic as much as Britain is a monarchy. Neither is a democracy. Both “have a” democracy. “Having” and “being” are entirely different.
You can argue that the UK stopped being a constitutional monarchy after Queen Elizabeth.
Now it's a parliamentary democracy.
The King is only there to attract American tourists.
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