Bulgarians have been targeted by a wave of disinformation against the country’s upcoming entry into the eurozone. Parties like "Revival," some politicians, and self-proclaimed experts flood media and social networks with manipulations, half-truths, and outright lies. Meanwhile, government institutions and pro-European parties respond sluggishly and without clear explanations, resorting mostly to slogans like “We want the euro” or “The euro is good.” This leaves many ordinary people confused and anxious.

Fortunately, experts like Nikola Yankov - a respected economist, entrepreneur, and former Deputy Minister of Economy and Transport - have stepped up to cut through the noise and address the most common myths about the euro, grounding their responses in facts and EU regulations.

Myth 1: The Bulgarian National Bank (BNB) will lend to the government, causing budget deficits and inflation.
This cannot happen under the Maastricht Treaty that governs the Eurozone. While Bulgaria’s current currency board law also prohibits this, it could be changed by Parliament with a simple majority. In the Eurozone, however, there is a stronger legal framework that prevents such policies, offering greater protection against reckless government spending.

Myth 2: The government will run huge deficits and increase debt once the euro is adopted.
Again, the Maastricht Treaty caps budget deficits at 3% of GDP and public debt at 60%. Bulgarian law has similar limits but these are only recommendations and can be ignored by Parliament, as seen in recent years when deficits exceeded those limits. The Eurozone’s rules are far more binding, acting as a safeguard against irresponsible fiscal policies.

Myth 3: The BNB will bail out failing commercial banks by printing money.
This was done in Bulgaria during the 1990s but is forbidden in the Eurozone by the Maastricht Treaty and ECB regulations. Only the ECB can provide emergency support to banks under strict conditions. Currently, Bulgarian banks lack access to such safety nets, but Eurozone membership will grant them access to ECB credit lines for liquidity support when necessary.

Myth 4: The ECB will seize Bulgaria’s foreign exchange reserves.
This is false. The reserves will remain under BNB’s control but will be managed under ECB guidelines like those applied to all Eurozone central banks. This adds another layer of transparency and control. The reserves - around 40 billion euros—remain Bulgaria’s property, and the government cannot tap into them except to receive dividends from their management.

Myth 5: Bulgaria will assume other countries’ debts in the Eurozone.
There is no mechanism for joint liability in the Eurozone. Each member state is responsible for its own debt, with its own credit rating and risk. Wealthier countries like Germany or the Netherlands serve as guarantors for the currency but do not cover other nations’ debts. This separation protects Bulgaria from foreign financial burdens.

Myth 6: The euro will trigger high inflation.
Data from previous Eurozone entrants show inflation linked to euro adoption is minimal, typically between 0.1% and 0.4% annually. For example, Croatia saw just 0.3% inflation after joining in 2023. Any higher inflation is caused by broader economic factors, not by adopting the euro itself.

Myth 7: Bulgaria will lose its sovereignty by adopting the euro.
Many countries in the Eurozone, including Germany and Austria, have not lost sovereignty. Bulgaria has already fixed the lev to the euro for 28 years, effectively ceding monetary policy. A more significant issue would be transferring banking supervision from the BNB to the ECB - a move that might improve stability given Bulgaria’s history of bank failures.

Myth 8: Bulgaria will enter the Eurozone with a devalued exchange rate.
This is incorrect. Bulgaria’s fixed rate of 1.95583 leva to the euro will be maintained upon entry, as confirmed by EU agreements and national legislation. Changing this rate would require political will to amend existing laws, which would introduce far more uncertainty than adopting the euro itself.

Myth 9: Joining the euro will impoverish Bulgaria as smaller countries lose out to larger ones in the currency union.
Bulgaria has already been limited by the lev’s fixed exchange rate for decades, unable to devalue to boost exports like countries outside the Eurozone sometimes do. Those fearing impoverishment seem to wish for the freedom to devalue, but most Bulgarians prefer the stability that euro adoption promises. The euro offers more predictable growth and investment opportunities.

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The benefits of Eurozone membership are clear to most Bulgarian businesses and many unions, which strongly support immediate adoption. For Bulgaria, joining the Eurozone completes its European integration and symbolizes a return to the European family after decades of political and economic influence from Russia.

This is a geopolitical and civilizational choice crucial for national security. Eurozone membership will reduce the risk of falling back under Moscow’s sway. The aggressive, Russia-backed disinformation campaign against euro adoption has been ongoing for over a decade, aiming to stall Bulgaria’s progress.

It’s time for Bulgaria’s future generations to live as full, equal members of a united Europe. The euro is more than just a currency; it’s a step toward stability, security, and dignity on the international stage.