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
History of the European Union Parliament, Simone Veil. A further enlargement took place in 1981 with Greece joining on 1 January, six years after applying. In 1982, Greenland voted to leave the Community after gaining home rule from Denmark (See also: Special member state territories and the European Union). Spain and Portugal joined (having applied in 1977) on 1 January 1986 in the third enlargement. Recently appointed Commission President Jacques Delors (Delors Commission) presided over the adoption of the European flag by the Communities in 1986. In the first major revision of the treaties since the Merger Treaty, leaders signed the Single European Act in