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 January 2014 – 7 years after their accession. Bulgaria and Romania became members on 1 January 2007, but some areas of cooperation in the European Union will apply to Bulgaria and Romania at a later date. These are: While both countries were admitted, concerns about corruption and organised crime were still high. As a result, although they joined, they were subject to monitoring from the European Commission through a Mechanism for Cooperation and Verification (CVM) . It was initially set up for three years after the accession but has continued indefinitely and although it has highlighted the corruption and applied