Last night, President Rumen Radev submitted a proposal to the National Assembly for a referendum with the question: "Do you agree that Bulgaria should adopt the single European currency, the euro, in 2026?" The announcement was made during an extraordinary address to the nation and parliament.

In his speech, Radev emphasized the importance of seeking consensus on the euro adoption amid growing divisions in Bulgarian society. With an upcoming report on Bulgaria’s readiness for the eurozone set to be released in less than a month, the president argued that a referendum is necessary to gauge public opinion. He cited widespread disagreements among political leaders, experts, and citizens regarding the timing and impact of the euro introduction, pointing to issues such as inflation, distrust in political institutions, and concerns over the government’s ability to protect citizens’ purchasing power and the country’s economic competitiveness.

Radev asserted that the current institutions lack the legitimacy to make such significant decisions without public input, insisting that the adoption of the euro should be based on a strong national consensus. "Every Bulgarian citizen has the right to speak out about their money, their well-being, and their future," he said. The president framed the referendum as a test of democracy and a way to address growing public discontent.

The political response was immediate. Krum Zarkov, Radev’s legal affairs secretary and former acting justice minister, announced his resignation, denouncing the referendum as a constitutionally impermissible move. Zarkov stated that he would formally request to be dismissed from his position, stressing that he could not support the initiative.

GERB party members sharply criticized Radev, with MP Hristo Gadzhev accusing the president of aligning with anti-European forces. Fellow GERB member Delyan Dobrev pledged to vote against the referendum, asserting that it would jeopardize Bulgaria’s European path. Desislava Taneva, also from GERB, condemned the move as divisive and reckless, warning that it could undermine Bulgaria’s EU membership and political stability.

MEPs from the EPP Group, including Andrey Kovatchev, Emil Radev, and Eva Maydell, released a joint statement accusing Radev of seeking to sow disunity and destabilize the country. They characterized his proposal as populist and potentially harmful to Bulgaria’s European integration, framing it as an attempt to pander to pro-Russian sentiments.

WCC-DB members also voiced strong opposition. MP Elisaveta Belobradova accused Radev of echoing Moscow’s rhetoric, branding him as an isolationist. Atanas Atanasov suggested that the president was acting in the interests of Russia by stoking public division, while Bozhidar Bozhanov speculated that Radev might be preparing to launch a political project aimed at positioning himself as a populist champion of the people.

Kiril Petkov, co-chair of WCC-DB, vowed to fight against the referendum, insisting that Bulgaria must stay on course for euro adoption in 2026. Delyan Peevski from DPS - New Beginning dismissed Radev’s proposal as a "desperate move," accusing the president of seeking to derail Bulgaria’s European future.

Pro-Russian parties, however, rallied behind the president. "Revival" congratulated Radev for his stance, noting that they had long advocated for such a referendum. Party leader Kostadin Kostadinov hinted at "unconventional solutions" if the National Assembly blocked the proposal, framing it as a test of the government’s legitimacy.

"Greatness" leader Ivelin Mihaylov also expressed support, while Vice President Iliana Yotova backed the referendum as a chance to provide the public with comprehensive information about the pros and cons of the euro. Yotova rejected accusations that the referendum was anti-European, emphasizing that it was a means to engage citizens in a crucial national debate.

The TISP party issued a vague response, with leader Slavi Trifonov neither clearly endorsing nor rejecting the referendum. Trifonov’s ambiguous statement left many questioning his stance, as social media users flooded his posts with calls for clarification.