Psychologist Assoc. Prof. Nikolay Dimitrov believes that the tension surrounding Bulgaria’s upcoming euro adoption is rooted more in psychology than in actual economics. He points out that many Bulgarians carry emotional baggage from the past, specifically, the 1999 denomination of the lev, and that memory still shapes their fears today.
Back then, the sudden removal of zeros from wages, pensions, and prices failed to improve people’s lives. Instead, many saw their savings evaporate. While that process had clear economic drivers – including a major financial crisis and the lev’s collapse – Dimitrov says that what lingered was not the cause, but the effect: the deep sense of loss and betrayal. That episode left scars, and for many, the euro now triggers that same unease.
Trust in political promises is also low, Dimitrov adds. He notes that Bulgarians have learned to be suspicious, especially when major reforms are announced with upbeat messaging. “We’ve had plenty of reasons in the past to believe we’re being misled,” he says. This lingering distrust feeds public doubt, regardless of whether today’s situation is different.
Part of the problem, according to Dimitrov, is that financial literacy in Bulgaria has never been a strong point. Despite having subjects like “technology and entrepreneurship” in school curricula, the psychologist argues that little is done in practice to teach young people about personal finance or basic economics. Instead of preparing students for financial reality, education often focuses on superficial tasks – like building birdhouses – while avoiding more practical knowledge.
Because of this lack of education, many people don’t fully understand what the adoption of the euro means or how it might affect them. And without trust in those explaining it – politicians, economists, or institutions – uncertainty naturally turns into anxiety.
In Dimitrov’s view, the euro debate isn’t just about currency. It’s about the burden of past experiences, the failure to build trust, and the absence of meaningful financial education. All of that combines into the apprehension many Bulgarians feel today.
