To my knowledge, no individual private sector analyst or forecast is projecting deflation in the euro area either; this is true, in particular, for the ECB’s Survey of Professional Forecasters. The longer term expectations, as measured by the 5-year break-even inflation rate 5 years ahead derived from inflation-linked bonds hover around 2%.
Moreover, if the currencies involved are floating, so that the future level of the exchange rate is uncertain, there is also a foreign exchange risk to consider and to hedge against.