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
European integration on 1 January 2001. Slovenia joined on 1 January 2007, Cyprus and Malta were admitted on 1 January 2008, Slovakia joined on 1 January 2009, Estonia on 1 January 2011, Latvia on 1 January 2014 and Lithuania on 1 January 2015. Outside the EU, agreements have been concluded with Andorra, Monaco, San Marino, and Vatican City for formal adoption, including the right to issue their own coins. Montenegro and Kosovo unilaterally adopted the euro when it launched. There has long been speculation about the possibility of the European Union eventually becoming a fiscal union. In the wake of the European