There haven't been significant structural reforms that suggest the productivity will improve in the next three or four years.

Spain's strong consumer spending is backed not only by job creation but also by a significant rise in debt, and to an extent by the perception of higher wealth gains from soaring housing prices.

Going forward, it is expected that productivity improvements and restraint in upward administered price adjustments will contribute to lower and stable inflation, and a competitive real exchange rate.

You will see more wage growth. The productivity numbers have been so good and the margins have been so good we can easily afford more wages.

In the decade ahead I can predict that we will provide over twice the productivity improvement that we provided in the 90's.

Both of Johnson Controls' lines of business will benefit from an increasing willingness to invest in productivity-enhancing products and services.