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
Referendums related to the European Union Union. Austria, Sweden, and Finland were admitted as members of the EU, acceding on 1 January 1995. Two countries held referendums on the ratification of the treaty of Amsterdam. The 2004 enlargement of the European Union involved ten candidate states, eight from Central and Eastern Europe, and the Mediterranean islands of Malta and Cyprus. In 2003, referendums on joining the EU were held in all these nations except Cyprus. Since the results were in favourable in all cases, all ten candidate countries were admitted as members of the EU, acceding on 1 May 2004. Denmark and the United Kingdom received