In Fortune, some advice from a French socialist. An excerpt:
Starting in 1983, the administration of Socialist President Francois Mitterrand abandoned its program of heavy spending and gigantic deficits, and made a dramatic right turn, embracing a solution called "La Rigueur," or austerity. The shift brought balanced budgets from 1985 to 1987, and one of the most prosperous periods in French post-war history. Delors was a principal architect, and Mestrallet helped write the blueprint.