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
1995 enlargement of the European Union 1995 enlargement of the European Union The 1995 enlargement of the European Union saw Austria, Finland, and Sweden accede to the European Union (EU). This was the EU's fourth enlargement and came into effect on the 1 January of that year. All these states were previous members of the European Free Trade Association (EFTA) and had traditionally been less interested in joining the EU than other European countries. Norway had negotiated to join alongside the other three but following the signing of the treaty, membership was turned down by the Norwegian electorate in the 1994 national referendum. Switzerland also applied