Just weeks after the government
of the E.U. state of Bulgaria resigned amid protests against the rampant corruption,
the state traded in its currency, the levs, which means lion, for the federal currency,
the euro. In the new year, 2026, Bulgaria stood to relieve holders of the state’s
debt and to tame the endemic inflation that has plagued the state’s economy. In
November, 2025, for example, food prices had risen by 5% year-on-year, “more
than double the eurozone average.”[1]
The term “eurozone” is actually problematic, as it, like the application of the
jargon, “bloc,” to the E.U. itself is meant to obfuscate readers regarding the genre
of the political, federal union. To claim that Bulgaria joined a currency zone
is inferior stating that the state adopted the federal currency. Stated
properly, the currencies in the E.U. can be compared with those that were in
the early U.S., and all of those combinations of state and federal currencies can
be held to be compatible with federalism.
The full essay is at "Bulgaria."
1. Aleksandar Brezar, “Bulgaria Switches to the Euro Amid Mixed Reactions from Its Citizens,” Euronews.com, 1 January, 2026.
