President Rumen Radev: People Should Watch For Unjustified Price Hikes

I expect the laws to be respected by all, President Rumen Radev said on 26 May.

"I will not comment on what the Constitutional Court is obliged to do, but what I expect is that the laws are respected. Everyone, including the Speaker of the National Assembly, must act within the limits defined by law," the Head of State said.

In his words, if anyone owes the Bulgarian people answers about the euro, it is those who have submitted a request for an extraordinary convergence report.

“For whom our preparedness for the Eurozone boils down to advertising campaigns and the technical readiness of post offices and banks to exchange currency—who have forgotten about the people facing serious social challenges, those who are vulnerable to every price spike. And such people make up a large portion of the Bulgarian population,” President Radev stressed.

The President said that while the government discusses protective measures to be introduced after the euro is adopted, price hikes typically begin after the convergence report is announced, especially for services priced in the national currency.

"The government is talking about measures in the future. They are going to protect us from possible price hikes after the adoption of the euro. Everyone is talking about after the euro. Experience from other countries shows that already after the announcement of the convergence report, a steady rise in prices, especially of services in the national currency, starts. By the time the euro is adopted, serious price increases accumulate, especially in the last months," Radev warned.

He expressed hope this trend would not happen in Bulgaria

"Given the negligence of the institutions, the risk is real. People should stay vigilant and watch for unjustified price increases. The standard of people from socially vulnerable groups may deteriorate sharply in a few months, but the economy will need years to restore this standard. There is a risk of social stratification. Measures are required now, not sometime after the adoption of the euro," the President said.

Radev reiterated that Bulgaria remains the poorest EU country, with more than 1.3 million citizens living below the poverty line, according to national statistics. “Any price shock could push thousands of our fellow citizens into marginalization,” he warned.

"Any price shock could doom thousands of compatriots to marginalisation."

He further emphasised that requesting a convergence report should have been accompanied by a comprehensive risk assessment and readiness strategy to counter potential speculation and inflation, supported by robust social safety nets and financial buffers.

“I did not see a strong social package or financial safeguards,” the President noted.

Radev concluded by clarifying that his proposal for a referendum is not against the euro itself but concerns whether Bulgaria should adopt it starting in 2026.