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
Accession of Turkey to the European Union grounds on which Valéry Giscard d'Estaing has opposed Turkey's admission. Giscard has suggested that it would lead to demands for accession by Morocco. Morocco's application is already rejected on geographic grounds; Turkey, unlike Morocco, has 3% of its territory in Europe. The vast majority of its population lives in the Asian side of the country. On the other hand, the country's largest city, Istanbul, lies mostly in Europe. On the other hand, Cyprus, which is geographically located in Asia, joined the European Union in 2004. Former French President Nicolas Sarkozy stated in January 2007 that "enlarging Europe with no limit