The nineties
- 1990 – the first free elections; the Grand National Assembly adopted a new constitution in 1991.
- 1990–1997 – a severe economic crisis, pyramid schemes, bank failures. In the winter of 1996–1997 hyperinflation devoured people’s savings. People took to the streets in protest.
- 1 July 1997 – a currency board was introduced. The lev was pegged to the German mark, later to the euro. Stability after the chaos.
The road to the West
- 2001 – the former tsar Simeon Saxe-Coburg-Gotha became prime minister. A rare case anywhere in the world of a former monarch winning democratic elections and becoming premier.
- 2004 – Bulgaria joined NATO.
- 2007 – Bulgaria entered the European Union on 1 January.
- 2024–2025 – membership of the Schengen Area: by air and sea from 31 March 2024, and fully, including by land, from 1 January 2025.
- 1 January 2026 – Bulgaria adopted the euro. The lev was exchanged at the fixed rate of 1.95583 leva to the euro and passed into history.
Politics
Recent years have been marked by many elections – sometimes twice in one year – protests against corruption and changes of government. Bulgarians have plenty of experience with the ballot box, yet they are still looking for the perfect government. The search continues.
Between us
The lev lasted 145 years – from 1881 to 2026. Long enough to become part of the language. “I haven’t got a lev” will keep meaning “I’m broke”, whatever is printed on the banknotes.