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
Glossary of European Union concepts, acronyms, & jargon European Communities and two countries (Spain and Portugal) concerning their accession to the EC. It was signed on 12 June 1985 and Spain and Portugal became full member states on 1 January 1986 following the ratification procedures. The Treaty of Accession 1994 was the agreement between the European Union and four countries (Austria, Finland, Sweden and Norway) concerning their accession to the EU. It was signed on 26 July 1994 and Austria, Finland and Sweden became full member states on 1 January 1995 following the ratification procedures. Norway again failed to join because its referendum did not pass. The Treaty