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
Enlargement of the European Union the others on 1 January 1973. Gibraltar joined the Community with the United Kingdom at this point, as can be seen in the long title of the UK European Communities Act 1972. The next enlargement would occur for different reasons. The 1970s also saw Greece, Spain, and Portugal emerge from dictatorship. These countries desired to consolidate their new democratic systems by binding themselves into the EEC. Equally, the EEC was unsure about which way these countries were heading and wanted to ensure stability along its southern borders. However François Mitterrand initially opposed their membership fearing they were not ready and