Originally Posted by Aubergine

indeed not. I had a P4 from 1986 or so, same Carbolite frame as the OP's bike. I bought it in a rather beat up condition so built it up with decent wheels and a Spécialités TA triple crank. Wonderful bike, very pleasant to ride. Peugeot and the other French makers generally knew how to make a bike that rode well with low end steel.