And so if your competitors aren't growing, if there isn't a competitive reason to grow, and you want focus and discipline to add customers to existing stores, you adjust your strategy.

So Europe's a big driver. And at one point, if the euro hadn't devalued, they would have been making as much money as the US with half the stores. Returns were higher.

I talked about 12 to 18 months, and that's about reaffirming our foundation for sustained growth: getting the discipline back, getting the basics right, getting the customer focus back... so by the end of next year, I hope most of that's in place.

But we had a pretty diversified portfolio of businesses around the world and things tended to offset each other. But one or two years ago, we had a lot of things happening at the same time.

We cover hamburgers, chicken, veggie burgers, salads, we've got a pretty broad range. To me, McDonald's isn't only about the food. It's about the prices, it's about the way we eat.

McDonald's is almost 50 years old. For 47 years we had a pretty consistent track record of being able to deliver admirable sales.

I think we have a great track record on being relevant, on identifying consumer trends, needs and wants.