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 since 2004 a range of proposals such as a European Monetary Fund or federal treasury. History of the European Union since 2004 The history of the European Union since 2004 was a period of significant upheaval and reform following the 2004 enlargement of the European Union. The EU had just taken on ten new members, eight of which were much poorer than the EU average, and took in a further two in 2007 with many more on the way. It had just created the euro a few years before and had to expand this, and the Schengen Area to its new members.