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Ten years after the invasion, Iraq hasn't achieved the oil output many predicted. Kurdistan may be the exception though. Its capital, Irbil, has changed beyond recognition in the last few years as the oil revenues begin to flow. We have a report from the city. And we assess why the rest of the country has only managed to achieve a daily production of 3 million barrels, well below what some were predicting just a few years ago. Crispin Hawes, Middle East director of the political risk consultancy, Eurasia Group, considers the question.

And as the new Pope is inaugurated in the Vatican, we look at some of the problems that have afflicted his predecessor with regard to its finances. Massimo Franco of Corriere della Sera, and author of The Crisis in the Vatican, believes the church may be ready to reform the Vatican Bank.