British News Agency

In a national address, Radev said, “As a full member of the European Union, Bulgaria faces a strategic decision: the adoption of the single European currency.”

Some economists argue that the country does not yet meet the acceptable economic conditions to join the Eurozone and is not ready to adopt the single currency.

However, the President stated, “The referendum will be a test of the National Assembly’s democracy and will show who follows democratic principles and who denies Bulgarians the right to determine their future. The referendum will be beneficial for Bulgarian democracy.”

The European Central Bank stated that the country would not be able to join the monetary union in 2024 due to excessively high inflation.

In February of this year, police in Sofia clashed with protesters demanding the cancellation of the government's plans to join the Eurozone.

The new government formed last month has made Eurozone membership a top priority.

With the support of other pro-European parties in parliament, the government emphasizes the political importance of adopting the Euro as another step toward deepening European integration amid rising geopolitical tensions.