02.01.2026 13:49
Following Bulgaria's adoption of the euro as of today, attention has turned to the countries within the European Union that have not yet transitioned to a common currency. Although there is strong public support, political reservations, budget deficits, and constitutional barriers are slowing down the transition to the euro in many countries, from Hungary to Poland and from Sweden to Denmark.
Bulgaria has become the 21st member of the eurozone as of today, despite serious public objections. Thus, the number of countries within the 27-member European Union that have not yet adopted the common currency has decreased further. However, even though there is high societal support for the euro, the political landscape in some countries and the balance of power in parliament are making it difficult for the eurozone to expand in the near term.
According to Eurobarometer data, support for the common currency is at a remarkable level in some countries that have not yet adopted the euro. However, eurosceptic parties among the ruling partners, election calculations, distortions in fiscal criteria, and constitutional restrictions are hindering the process.
HUNGARY: THE PEOPLE WANT IT, POLITICS IS HOLDING BACK
Support for transitioning to the euro in Hungary is at 72%, the highest level among EU countries outside the eurozone. Nevertheless, Prime Minister Viktor Orban's eurosceptic stance and the government's approach have stalled the process. Opposition leader Peter Magyar announced that they would aim to transition to the euro if they win the elections next year. However, the country's high debt-to-GDP ratio, the budget deficit that could not be reduced after the pandemic, and Orban's constitutional protection of the forint are among the main obstacles to transitioning to the euro. Currently, the transition seems possible only with a qualified majority in parliament.
ROMANIA: BUDGET DEFICIT IS A CRITICAL THRESHOLD
Although support for the euro in Romania is at 59%, the country is struggling with the highest budget deficit in the EU. This situation could delay the financial stability required for transitioning to the euro for years. High inflation, austerity measures, and the influence of the far-right gaining power before the 2028 elections have pushed the euro issue to the background in public discourse.
POLAND: WE ARE SATISFIED WITH OUR OWN CURRENCY
Support for transitioning to the euro in Poland remains at 45%. Finance Minister Andrzej Domanski stated that no preparations have been made for transitioning to the euro and that the country is satisfied with using its own currency. Jaroslaw Kaczynski, leader of the opposition Law and Justice Party (PiS), harshly targeted those advocating for the euro, labeling them as "Poland's deadly enemy." Poland is the largest economy among countries outside the eurozone in the EU.
CZECHIA: LOW SUPPORT, HIGH SKEPTICISM
Public support for the euro in Czechia is at 30%. The government also does not have a timeline or preparation plan for transitioning to the euro. The country's public debt is lower than that of many eurozone countries. Therefore, concerns are rising that transitioning to the euro would impose financial responsibilities on more indebted countries. Although Prime Minister Andrej Babiš was previously more favorable towards the euro, today his party's stance has shifted to a nationalist and eurosceptic position. The constitutional protection of the Czech koruna is also among the proposals being discussed.
SWEDEN: 2003 REFERENDUM STILL DETERMINING
The number of parties in Sweden that openly advocate for transitioning to the euro is quite limited. The Sweden Democrats, the second-largest group in parliament and critical for the right-wing minority government, are against the euro. Sweden joined the EU in 1995, and in the 2003 referendum, 56% of the public voted "no" to the euro. Although support has risen to 39% today, discussions about the euro remain at a theoretical level for now.
DENMARK: THE ONLY COUNTRY WITH OFFICIAL EXEMPTION
Denmark is the only country in the EU that has an official exemption from the euro. Therefore, it is not obligated to transition to the euro even if it meets all the criteria. Support for the euro in the country, which has been an EU member since 1973, is at 33%. Due to this situation, Copenhagen is not expected to join the eurozone anytime soon.
EUROZONE EXPANSION IS DIFFICULT IN THE SHORT TERM
Although the eurozone has expanded with Bulgaria's membership, political reservations, economic criteria, and constitutional barriers in other countries are expected to slow the spread of the common currency in Europe in the short term.