At that point, things in Europe weren't looking too bad. As a note from Credit Suisse analysts led by Neville Hill released on Friday puts it:
A broad range of cyclical indicators - business and consumer confidence, PMIs - were relatively high, and rising. Corporate spending plans were picking up. Consumer spending, thanks to the boost to real incomes from lower oil prices and an improving labour market, was buoyant. Credit growth to the real economy was steadily improving. And although the ECB had to revise down its inflation forecasts on the back of a lower oil price, core inflation had risen through the course of last year to 1.0% by Q4.
Sounds pretty good right? Well three months later, as Credit Suisse puts it: "That's all changed." To put it more eloquently: "The economic dataset facing the ECB is materially different" to how it was in December.
In Credit Suisse's preview of the next week's ECB meeting, part of its weekly "Playbook" note, the bank uses a whole heap of charts to show just how much things have changed for the worse in Europe since December, and generally how worrying the European economic situation is right now. Here are four of the best:
Markit, Credit Suisse
As Credit Suisse puts it: "Business confidence and activity indicators have weakened since the start of the year, as has consumer confidence."
Next up, there's this:
Credit Suisse
Thirdly, we've seen a big tightening in the markets:
Bloomberg, Credit Suisse
Finally, let's look at inflation:
ECB, Credit Suisse
So there we have it, inflation has peaked, businesses don't want to spend and are losing confidence, and liquidity is pouring out of the market. All in all, it's a pretty bleak picture for Europe.