<\/p>\n
Bulgaria is preparing to adopt the euro in January amid fresh domestic political turbulence and fears that Russia-aligned disinformation is deepening distrust of the new currency.<\/p>\n
The Balkan country of 6.5 million people will become the 21st country to join the eurozone on 1 January, as policymakers in Brussels and Sofia hope it will boost the economy of the EU\u2019s poorest nation and cement its pro-western trajectory.<\/p>\n
Ursula von der Leyen<\/a>, the president of the European Commission, has said that \u201cthanks to the euro\u201d, Bulgaria will have more trade, more investment and more \u201cquality jobs and real incomes\u201d.<\/p>\n On a recent visit to Sofia, the economy commissioner, Valdis Dombrovskis said the move was key<\/a> at a time of Russia\u2019s war with Ukraine, rising geopolitical tensions and global economic uncertainty that \u201cunderline the importance of European unity\u201d.<\/p>\n \u201cMost European countries \u2013 including Bulgaria \u2013 are far too small to shape today\u2019s world on their own. They only stand to gain necessary weight by fully integrating into the European Union\u2019s larger political and economic structures,\u201d he said.<\/p>\n Despite the touted benefits, however, Bulgarians are far from united. A recent survey by the ministry of finance showed that, while 51% of citizens were in favour of joining the single currency, 45% were against it.<\/p>\n A fight broke out<\/a> in the parliament in June when the euro entry was approved by the European commission, with MPs from the far-right, pro-Russian Revival party blocking the podium.<\/p>\n Petar Ganev, a senior research fellow at the institute of market economics, a thinktank based in Sofia, said the division on the euro was symptomatic of broader political tension.<\/p>\n \u201cThis is not surprising. The country is divided on almost everything that you can imagine,\u201d said Ganev. \u201cAnd after the political instability, we ended up in a very hostile political environment.\u201d<\/p>\n A four-year political crisis marked by seven parliamentary elections and widespread corruption have eroded trust in the government and contributed to the polarised political climate. Last week, the government of the former prime minister Rosen Zhelyazkov resigned after less than a year in office<\/a> after weeks of mass anti-corruption protests across the country.<\/p>\n Although the political drama is unlikely to hamper the adoption of the euro, many fear prices will spike during the transition and, with an average monthly salary of about \u00a31,100, this is not something many Bulgarians could afford.<\/p>\n Communities in rural areas and elderly are expected to be most vulnerable to inflation and are the most fearful of the transition, even though Brussels has said there is no evidence to suggest inflation will rise.<\/p>\n