Economist Georgi Stoev has launched a personal awareness campaign on social media to address concerns about the euro introduction in Bulgaria. In a BNR interview, He explained that many people worry about whether they will become poorer on January 1, 2026. The main focus of their questions is on two fronts: the security of the exchange rate and whether prices could be unfairly converted - for example, if cheese costing 19.56 leva on December 31 would suddenly be priced at 19.56 euros on January 1.

Stoev described these concerns as serious, legitimate, and deserving of attention. He criticized the government’s current campaign as sluggish and insufficient in countering misinformation. According to him, there is no risk regarding the exchange rate, emphasizing that banks will play a key role in ensuring a smooth transition.

The economist also pointed out two underestimated factors in the public discourse. First, the deep mistrust in state institutions. In an environment where trust has eroded, people are more likely to believe they are being deceived during significant changes like currency conversion. Second, the lack of adequate information leaves room for manipulation and misinformation, allowing false narratives to take root, he noted.

Stoev also stressed the importance of double price labels, which would help consumers better understand the euro conversion process and prevent potential misunderstandings.

On the positive side, he highlighted that adopting the euro would reduce the risk of internal political manipulation of the currency. It would prevent politicians or parties from influencing the value of people’s money, as monetary policy would be governed by the European Central Bank. This would eliminate the possibility of 121 MPs unilaterally altering the currency board arrangements, he said.

However, Stoev also acknowledged legitimate economic risks associated with the euro as a global currency – risks that Bulgaria is already exposed to, given that the lev is pegged to the euro. He argued that even without adopting the euro, these risks remain, and they should be openly discussed.

Regarding the digital euro, Stoev referred to it as a defensive move by the European Central Bank in the context of ongoing economic tensions between Europe and the United States. He explained that the digital euro could serve as a potential alternative to American payment systems, allowing users to switch to a digital version of the currency if necessary. This option, he noted, would not be obligatory but could provide financial flexibility in uncertain times.

Source: BNR interview