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
Future enlargement of the European Union (i.e. they enjoy access to European Union countries of physical exports without tariff barriers). Other Community rules do not apply to the Islands. The UK Sovereign Base Areas, Akrotiri and Dhekelia on Cyprus did not join the European Union when the United Kingdom joined. Cyprus' Accession Treaty specifically stated that this would not change with the accession of Cyprus to the European Union. However, currently, some provisions of the EU Law are applicable there—mainly border management, food safety and free movement of people and goods. The Faroe Islands, a self-governing nation within the Kingdom of Denmark, are not part of