Transition economy to the IMF, Iran is in transition to a market economy, demonstrating early stages of a transition economy. The eight first-wave accession countries, which joined the European Union on 1 May 2004 (Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, Slovakia, Slovenia) and the two second-wave accession countries that joined on 1 January 2007 (Romania and Bulgaria) have completed the transition process. According to the World Bank, "the transition is over" for the 10 countries that joined the EU in 2004 and 2007. It can be also understood as all countries of the Eastern Bloc. "Transition economics" is a special branch
Treaty on European Union Treaty on European Union The Treaty on European Union (2007) is one of the primary Treaties of the European Union, alongside the Treaty on the Functioning of the European Union (TFEU). The TEU forms the basis of EU law, by setting out general principles of the EU's purpose, the governance of its central institutions (such as the Commission, Parliament, and Council), as well as the rules on external, foreign and security policy. While the current version of the TEU entered into force in 2009, following the Treaty of Lisbon (2007), the older form of the same document was implemented by