Bulgaria and Romania were both criticised for corruption and failure to implement administrative reforms.

ECONOMIST: Prospective members get their knuckles rapped

Second, the auditor's four charges concern administrative faults and none of them incorporate corruption issues.

ECONOMIST: Letters

But in a country where indicators ranging from economic growth to the ruble's exchange rate are largely dictated by the volatile energy and metals prices, investors are seeking greater consistency in the government's campaign against corruption and illegal business practices, its plans to deregulate utility prices, and its efforts to lower administrative barriers that make life difficult for all but the largest companies.

WSJ: Welcome (Back) to Russia