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
European Fashion Council European Fashion Council The European Fashion Council is a non-governmental organization authorized to represent the European Union in fashion and fashion design worldwide. It is a union of 20 countries that are primarily located in Europe. The organization was founded on May 19, 2007 in House-Museum "Hindliyan", Old Town of Plovdiv, Bulgaria by the following 11 European countries: EFC was officially registered on 6 August 2007 in the District Court of Plovdiv, Bulgaria, which was the very first step towards the conjunction of the different national fashion industries in Europe. Its first significant recognition was in January, 2010, when the