According to the Constitution of Bulgaria, adopted by the Great National Assembly on July 13, 1991, Bulgaria is a parliamentary democratic republic in which the sovereign power belongs to the people who exercise it through their representative bodies, elected by direct and secret ballot.
Every Bulgarian citizen over the age of 18 has the right to vote and to be elected. The National Assembly, elected for a period of four years, is the supreme body of state power. The National Assembly enacts, amends and rescinds the laws, appoints and dismisses the Government and the Directors of the Bulgarian National Bank, draws up the state budget, adopts the resolutions for holding referenda, constitutes, transforms and abolishes ministries.

Bulgaria joined the EU on January 1, 2007. Since 1996, the country has enjoyed economic stability and positive growth rates and exists under a stable parliamentary democracy. Economic growth stands at 4.5% (one of the highest in Europe), annual inflation at 3.8% and strong growth figures in the tourism industry. The currency is the Bulgarian Lev (1 Euro = 1.95 Lev), pegged to the Euro. Bulgaria is scheduled to introduce the euro in 2010.