At the stroke of midnight on January 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.

To understand the significance of Bulgaria becoming the latest economy to join the euro—marking a continual expansion of the eurozone into the post-Soviet sphere—it is important to recount some of the euro’s history. Introduced in 1999 and entering physical circulation in 2002, the euro is the shared currency of the EU, and intentionally designed to achieve the apotheosis of the original aim of the European Coal and Steel Community (1952), which was to bind European economies together so tightly that the wars of the 19th and 20th centuries would become structurally impossible.

Consequently, joining the euro is not simply swapping one currency for another. It means surrendering monetary policy and submitting to the European Central Bank (ECB)—but getting, in return, access to the full machinery of European financial integration, which include lower borrowing costs, frictionless trade, and a chance to contribute to decisions over the economic future of the continent.

That last one was the most salient for the ECB itself, with President Christine Lagarde sayingBulgaria will now have “a view, a voice, a vote.” Bulgaria’s National Bank governor will be entitled to a........

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