In 2004, Perry proposed replacing some school property levies with a basket of other taxes, including sales taxes, a higher cigarette tax, and an increased payroll tax.

FORBES: Rick Perry's Changing Take On Raising Taxes

These banks have a high share of mortgage lending and are heavily exposed to commercial property and construction lending - which is what has done for them, because Spain's housing market is weak and becoming weaker, and its commercial property sector is a basket case.

BBC: Spanish banks need more than 40bn euros

But Mr Tudor has a warning for firms that want to concentrate exclusively on the intellectual-property business: licensing usually works only alongside a basket of products or services.

ECONOMIST: The arms race

Obviously more has to be done on the economic basket, but, again, the progress on indigenous innovation and intellectual property rights I think were important steps to move us forward.

WHITEHOUSE: Press Briefing