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 Maastricht treaty, which led to the formation of the European Union, saw the EEC Treaty renamed as the Treaty establishing the European Community (TEC) and renumbered. The Maastricht reforms also saw the creation of the European Union's three pillar structure, of which the European Community was the major constituent part. Following the 2005 referenda, which saw the failed attempt at launching a European Constitution, on 13 December 2007 the Lisbon treaty was signed. This saw the 'TEC' renamed as the Treaty on the Functioning of the European Union (TFEU) and, once again, renumbered. The Lisbon reforms resulted in the merging