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
2007 enlargement of the European Union 2007 enlargement of the European Union The 2007 enlargement of the European Union saw Bulgaria and Romania join the European Union (EU) on 1 January 2007. Together with the 2004 enlargement of the European Union, it is considered part of the fifth wave of enlargement of the European Union. Romania was the first country of post-communist Europe to have official relations with the European Community. In 1974, a treaty included Romania in the Community's Generalized System of Preferences. Since the Romanian Revolution of 1989, membership of the EC, and its successor the European Union (EU), has been the main goal