Commentary
At the stroke of midnight on Jan. 1, 2026, the facade of the Bulgarian National Bank in Sofia was lit up with the display of a golden Euro coin. Crowds gathered in sub-zero temperatures to watch the Bulgarian lev—meaning “lion,” the state currency since 1880—relegated to history. By morning, Bulgaria had become the Eurozone’s 21st member state: a decision which, at first glance, appears nothing more than a technical monetary change. But any change as momentous as this is loaded with deep historical symbolism, economic consequences, and political tensions within the European Union (EU). As a result, whether this change is also a wise one is a live debate.
