What went largely unnoticed, however, is the extent to which Bulgaria’s adoption of the euro represents a strategic blow for the Kremlin. After years of sustained effort to block Sofia from joining the eurozone, Moscow failed to prevent a decision that anchors Bulgaria more deeply and irreversibly within the European project. The currency switch not only exposed the limits of Russia’s hybrid tactics but also narrowed its remaining leverage in the country.
On Jan. 1, Bulgaria became the eurozone’s 21st member when it gave up its 145-year-old currency, the lev, for the euro. In Sofia and Brussels, this development was roundly celebrated as another step in the European Union’s economic and political integration.
On Jan. 1, Bulgaria became the eurozone’s 21st member when it gave up its 145-year-old currency, the lev, for the euro. In Sofia and Brussels, this development was roundly celebrated as another step in the European Union’s economic and political integration.
What went largely unnoticed, however, is the extent to which Bulgaria’s adoption of the euro represents a strategic blow for the Kremlin. After years of sustained effort to block Sofia from joining the eurozone, Moscow failed to prevent a decision that anchors Bulgaria more deeply and irreversibly within the European project.
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