The lyrics (not vulgar or obscene) are written as an imaginary dialogue between two lovers during a sexual encounter, delivered in a breathy, suggestive style.
This explicit erotic song which featured simulated orgasm sounds by Birkin was considered too "hot", was censored in various countries except France (considered as a piece of art), it was banned from radio and TV throughout in Europe (including UK, and the so liberal Sweden) and the US, banned by the BBC and denounced by the Vatican in a public statement...This didn't stop it from reaching no. 1 in the charts in the UK and other European countries, pretty spectacular for a song in French. In the US the song made no. 69(!) in the charts
The explanation is that the girl says "I love you" during sex, and that the man with the ridiculousness of virility, doesn't believe her so his reply is "me neither".
Phrases from the song include:
F: "Je t'aime, je t'aime, oh, oui je t'aime!" (I love you..Oh yes I love you..)
M: "Moi non plus" (Me neither)
F: "Oh mon amour...tu vas et tu viens entre mes reins...(Oh my love..you go and you come in between my ...)
M: "Comme la vague irresolue.." (Like the wave, irresolute)
F: "Tu es la vague, moi l'île nue" (You are the wave, I am the naked island)
M: "Je vais, je vais et je viens, entre tes reins, et je me retiens.." (I go, I go and I come, inside your...and I hold back..)
F: "Non! Maintenant viens!" (No! Now...Come...)
In the version of Brian Molko and Asia Argento (2003) male and female roles are inverted, giving a different interpretation of the song, referring to fellatio