Bulgaria and the Euro: What Happens to National Monetary Sovereignty?
One of the most debated topics around Bulgaria’s upcoming transition from the lev to the euro is whether the country is giving up its sovereignty
At the end of October, Bulgarian voters will head to the polls once again, this time to elect Members of Parliament for the 51st National Assembly. This marks the seventh consecutive parliamentary election, with six being early elections. Since the beginning of 2021, Bulgaria has spent nearly 514.7 million leva (around 260 million euros) on parliamentary elections, including regular presidential elections and the European Parliament vote in early June.
The costs of these votes have accumulated significantly over time. The parliamentary elections on April 4, 2021, cost Bulgaria 65.6 million leva, followed by 68.2 million leva for the elections on July 11, 2021. The combined cost of the presidential and general elections held on November 14, 2021, amounted to 124 million leva. The snap elections on October 2, 2022, required 71 million leva. For the parliamentary elections on April 2, 2023, the expenditure reached 87.7 million leva. The combined funding for the European Parliament and Bulgarian parliamentary elections in June 2024 totaled 98.2 million leva.
After the regular elections on April 4, 2021, the National Assembly saw the entry of several parties, including GERB, There is Such a People (TISP), and others. However, political consensus proved elusive, leading to new elections in July of that year. Despite further attempts, another round of elections took place in November 2021, introducing new formations such as "We Continue the Change" (WCC). Although a government was eventually formed in December 2021, it was short-lived, collapsing in June 2022. This triggered yet another parliamentary election in October 2022.
In April 2023, the latest round of parliamentary elections brought six formations into the new Parliament. A subsequent agreement between GERB and WCC-DB led to the formation of a rotating cabinet. However, political instability persisted, leading to another resignation and a series of unsuccessful attempts to form a government. This prompted President Rumen Radev to appoint a caretaker government and schedule new elections for October 27, 2024.
Turnout in these elections has varied, starting at 50.61% in April 2021 and dropping to 42.19% in July of the same year. The presidential and general elections saw a turnout of 40.23%, which further declined to 39.41% in October 2022. In April 2023, the turnout was slightly higher at 40.69%. The combined European Parliament and early parliamentary elections in June 2024 recorded a turnout of 34.41%.
Meanwhile, The Central Election Commission (CEC) has announced its first regular briefing for the upcoming elections on October 27, following the adoption of an election timetable after President Radev's recent decrees.
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