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
Glossary of European Union concepts, acronyms, & jargon of Accession 2003 was the agreement between the European Union and the ten countries (Czech Republic, Estonia, Cyprus, Latvia, Lithuania, Hungary, Malta, Poland, Slovenia, Slovakia), concerning their accession into the EU. It was signed on 16 April 2003 and they became full member states on 1 May 2004 following the ratification procedures. The Treaty of Accession 2005 was the agreement between the European Union and two countries (Bulgaria and Romania) concerning their accession to the EU. It was signed on 25 April 2005 and they became full member states on 1 January 2007 following the ratification procedures. The Treaty of