A hail of statistics and forecasts from the IMF and the European Central Bank (ECB) is confronting us with an undeniable truth – the economy is not recovering fast enough. Growth rates, though positive, are mediocre.

The real challenge over the next few years will be to avoid the shipwreck of the eurozone economy in what is often called a Japanese-style deflationary scenario - but with the Chinese slow-down feeding into it.

The economic trap is closing relentlessly on the Eurozone. Everyone was aware of the Japanese deflationary scenario. It was even condemned as the most dangerous economic hazard. Yet the Eurozone is taking this deadly route because of a lack of vision and political obstinacy.

We demonstrate that inflation is higher for low income households, retired households and young households of less than 25 years old. This result suggests that our indexation system, proportional to the health index, provides more protection to the rich than to the more vulnerable households.