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
Treaty on the Functioning of the European Union Treaty on the Functioning of the European Union The Treaty on the Functioning of the European Union (2007) is one of two primary Treaties of the European Union, alongside the Treaty on European Union (TEU). Originating as the Treaty of Rome, the TFEU forms the detailed basis of European Union law, by setting out the scope of the EU's authority to legislate and the principles of law in those areas where EU law operates. The TFEU originated as the treaty establishing the European Economic Community (the EEC treaty), signed in Rome on 25 March 1957. On 7 February 1992, the