The people in power in Serbia and Montenegro will certainly be congratulating themselves over the World Bank report naming the country among the top twelve in achieving reforms. The field of observation is limited, though: most of the reforms have to do with laws related to the regulation of property and receptivity to international investment. Political reforms are not considered, nor on the level of business is it taken into account whether practices have changed materially. The political question remains as to how desirable the "opening" of a country may be to investors, particularly if those investors turn out to be net exporters of profit. So while there might be a partial victory to be celebrated, more questions remain open than are closed by the country's achievement.