Bulgaria's Eurozone Bid Marred by False Accusations

As Bulgaria advances toward adopting the euro by 2026 as part of its journey into the eurozone, misinformation has been distorting the nationwide discussion surrounding this transition.

The pro-Russian Vazrazhdane party, often referred to as Revival, has played a significant role in disseminating misinformation regarding the eurozone.

In February, some members tried to break into the European Union’s office in Sofia as part of a demonstration against the eurozone. Following this incident, European Commission President Ursula von der Leyen called the assault “outrageous.”

Bulgaria became part of the European Union in 2007, however, the planned year for adopting the Euro has repeatedly been delayed.

Could European authorities seize individual savings?

Revival MEP Rada Laykova asserted that Europe might attempt to take control of funds kept in individuals' personal saving accounts and pension plans, should those resources not be utilized within a designated period.

During an April interview with Bulgaria’s commentator Martin Karbovski, Laykova also mentioned that European countries were considering utilizing these funds for military initiatives.

These allegations are untrue and form part of an extensive misinformation campaign that wrongly suggests Brussels intends to access citizens' savings.

Following the European Commission’s significant declarations in March—which included strategies to allocate €800 billion towards bolstering Europe’s military capabilities over the coming four years and proposals to establish a Savings and Investment Union—similar accusations started appearing on various internet platforms.

Actually, Europeans' savings are safeguarded by various legal provisions and cannot be randomly confiscated.

In the meantime, the Savings and Investment Union is an initiative designed to motivate Europeans to channel their savings into European Union financial instruments instead of keeping them idle in bank accounts.

Ruslan Stefanov, Chief Economist at the Center for the Study of Democracy, informed Euronews that the Revival party is bringing genuine European debates into light, selectively quoting official documents about the Savings and Investment Union out of context and combining them with inaccurate data.

Kostadin Kostadinov, the leader of the Revival party, has similarly claimed that upon Bulgaria’s entry into the eurozone, residents could see their savings diminish because of an "alternate exchange rate" different from the present fixed rate that will be enforced.

The assertion is incorrect because the Bulgarian Parliament enacted legislation concerning the adoption of the euro, establishing a set conversion rate between the euro and the lev. Additionally, this legislative act specifies that loan interest rates would remain unchanged upon Bulgaria’s entry into the Eurozone.

A Russian-linked disinformation campaign

Members of the Revival party are not alone in disseminating misinformation in Bulgaria regarding the eurozone and Europe at large, as a web of Telegram channels, social media profiles, and news organizations promote comparable assertions.

Pravda, an extensive collection of more than 190 websites that disseminate pro-Kremlin messages across numerous languages, serves as a crucial component in propagating misinformation.

The Center for Information, Democracy, and Citizenship at the American University in Bulgaria analyzed over 640,000 posts on the platform from December 2024 through March 2025. The study found that Bulgaria was among the top ten nations significantly affected by content from the Pravda network.

"The coordinated attempts by Russia to disseminate misinformation regarding the eurozone initiative in Bulgaria stem from an extensive and generously supported system. This network merges official Russian government-controlled media outlets with a myriad of informal entities such as Bulgarian websites, blogs, and social media personalities," stated Svetoslav Malinov, an analyst at the Centre for Democracy, to Euronews.

What makes Bulgaria susceptible to this misinformation?

During the Cold War, Bulgaria stood out as one of the staunchest satellite states under Soviet influence.

This historic connection, combined with lower educational attainment in Bulgaria relative to the rest of Europe, makes the country especially susceptible to Russian misinformation campaigns.

Malinov stated that one of the main reasons behind the success of anti-eurozone movements is the poor level of media literacy in Bulgaria.

Based on the Digital Decade Country Report for 2023, only 31% of Bulgarians have fundamental digital competencies, which is under the European Union’s average of 54%.

"As a prominent emblem of EU cohesion, the euro serves as an easily targeted and influential subject for these disinformation efforts originating from Russia," Malinov concluded.