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 (1993–2004) to 25 members, the largest single expansion in its history. Its population jumped from 381 million to 456 million and its size grew from 3367 to 4104 thousand km² (See Enlargement Statistics). The 10 countries also brought with them 162 MEPs and 10 Commissioners, who joined the Prodi Commission on 1 May. History of the European Union (1993–2004) The history of the European Union between 1993 and 2004 was the period between its creation (replacing the European Economic Community) and the 2004 enlargement. The European Union was created at the dawn of the post–Cold War era and saw a series