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
Special member state territories and the European Union Special member state territories and the European Union The special territories of the European Union are 31 territories of EU member states which, for historical, geographical, or political reasons, enjoy special status within or outside the European Union. The special territories divided themselves in two categories: 9 Outermost Regions (OMR) that form part of the European Union, though they benefit from derogations from some EU laws due to their geographical remoteness from mainland Europe; and 22 Overseas Countries and Territories (OCT) that do not form part of the European Union, though they cooperate with the EU via the Overseas Countries