Forget the consumer price index. The price deflation is harmless. It's the credit deflation, which is more dangerous. If the outstanding level of credit declines, the economic activity is likely to fall, too. Obviously, the eurozone has been in the credit deflation for a couple of years. No trend reversal in sight.
Interestingly, France hasn't joined the D-club yet, at least in the sector of the household credit. In spite of the relatively benign development of the French credit market, the French economy hasn't been doing particularly well.
Now imagine what happens when the fully fledged credit deflation comes to France. It won't be pretty.
A white male with some professional experience in finance and investing.