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 and Territories Association. The Outermost Regions were recognised at the signing of the Maastricht Treaty in 1992 and confirmed by the Treaty of Lisbon in 2007. The Treaty on the Functioning of the European Union states that both primary and secondary European Union law applies automatically to the outermost regions, with possible derogations due to the particularities of these territories. The Overseas Countries and Territories are recognised by the Article 198 of the Treaty on the Functioning of the European Union which allows them to opt into EU provisions on the freedom of movement for workers and freedom of establishment,