Iraq's Governing Council, appointed and guided by the Americans, announced that Iraq's economy is to be privatised and opened up to foreign investment, with the exception of its oil industry, which remains a state monopoly.

ECONOMIST: Hardly united

It also endorses the American-backed Governing Council of Iraq, and suggests UN oversight of the council's plans for a new constitution and elections.

ECONOMIST: Iraq��s rising price tag

Members of Iraq's 25-strong Governing Council, appointed by the Americans after the invasion, fear they are being reduced to mere advisers.

ECONOMIST: Iraq

The General Assembly's approval would be required for the governing council to formally assume Iraq's seat.

CNN: Chalabi: Iraqis must draft constitution alone

BAGHDAD, Iraq (CNN) -- The Iraqi Governing Council president warned Thursday that the road to Iraqi sovereignty could be delayed by trying to have direct elections for a transitional national assembly.

CNN: Iraq leader: Direct vote could delay handover

The resolution conferred a measure of symbolic sovereignty on the Iraqi Governing Council, authorised a multinational force to patrol Iraq and gave the council until December 15th to publish a timetable for the transfer of power and the holding of elections.

ECONOMIST: Passing the hat | The

The Governing Council gave warning that if the American administration let foreigners run Iraq's broadcasting service without consultation, the transitional government due to take office in July would sever the contract.

ECONOMIST: Iraq's television

That legislature -- or parliament -- would then choose a new executive administration to take over sovereignty of Iraq by the July 1 deadline set by the Bush administration in its agreement with the interim Iraqi Governing Council.

CNN: U.S. seeking U.N. support, help on Iraq

These Sunnis claim that they are the majority in Iraq and that Sunni Arabs deserve more than the five seats that they were allocated in the 25-member Governing Council.

ECONOMIST: Iraq's Sunni Arabs