it's double in four years. germany. right now we just saw the composite numbers coming out for all of the euro zone let's go through those the flash composite tmi number has come in at 50.7. this is much lower than the reuters poll of 51.4 it's also a drop from where we were back in december at 51.1. just to give you some context, these pmi numbers are the lowest since july 2013. the services pmi numbers, again, the lowest since august 2013 the manufacturing pmi numbers, the lowest since november 2014 we really have seen a bit of a dip in terms of overall activity in the background, and i think this is a very interesting setup as get into the ecb meeting. let's not forget back in december dragi did mention that the risks were broadly balanced. since then the data has deteriorated, and it will be interesting to see whether or not they incorporate this latest batch of weak pmi numbers into consideration.