Mitterrand's example of suppressing his own expansionary preferences was replicated in Germany under another left-of-center leader, Gerhard Schroeder.

But hard as he may have tried at times, the French economy has not just treaded in place in Europe, but has fallen behind. It continues to live off its past glory and achievements, a legacy that is increasingly wearing thin. That is not good news for Europe and for the global economy, as French confidence does matter for Europe to move forward.

Under those less-than-ideal circumstances, it does not come as a surprise that Mr. Sarkozy, the conservative incumbent, is currently predicted to be defeated in the April 2012 French presidential elections. Considering that France is a country that does not like real shake-ups or radical departures, his low standing comes as quite a surprise.

Sarkozy may still close the gap, and may even eke out a victory in the very end, but one thing is certain at this stage: France is clearly a country at a crossroads.

Which has us wondering: Could it be that the country might be in for a repeat of its transformative early 1980s experience?

In 1981, following the reign of the very aristocratic Valéry Giscard d'Estaing, François Mitterrand, a socialist, was elected to the presidency.

Initially, he and his supporters were quite delirious about their newfound and long-desired power. Finally, here was a chance to remake the country and to make it work better for the working class. Mitterrand set about his task with full zeal by undertaking reforms such as nationalizing key firms, increasing the minimum wage, instating a 39-hour workweek, mandating workers receive five weeks of vacation per year and increasing taxes on the wealthy.

Moaning about globalization is no substitute for developing an effective, future-oriented economic strategy.

However, no sooner had he gotten going did he receive a vote of no confidence from the financial markets, as he was faced with devaluation, unwieldy trade and current-account deficits and capital flight. The message was clear: In terms of spreading the goodies, Monsieur le President was promising much more than his country could afford.

In fact, because of the fear very much present in previous decades of unruly workers either succumbing to the Communist virus or taking political power in France, business and government alike had tended to give out considerable social benefits even in times of conservative leadership.

In other words, France’s workers were not exactly lacking in social benefits when Mr. Mitterrand took power. He and his supporters were just keen to push the pedal down further in order to cement the achievements of past decades and to round them out now according to their own designs.

Alas, it was not to be. His vision of promoting la vie en rose — a workers’ paradise steeped in fairness, ample benefits and rather leisurely work — burst quickly, thanks to the judgment of the financial markets. The government of neighboring Germany, which had been quite concerned that Mr. Mitterrand was causing France to live outside its means, was relieved.

All of Europe, and much of the world, has an abiding interest in a Socialist taking the reins in France come spring 2012.

In spring 1983, a new reality set in. Consolidation, cost saving and the promotion of government efficiency were to be key. Not exactly what an aspiring socialist do-gooder dreams of doing, but Mr. Mitterrand really had no choice. Otherwise, the interest payments on France’s debt would take up an ever larger share of public revenues.

Predictably enough, Mitterrand's supporters were alternating among disbelief, furor and depression. Their hero had sold them out, or so they thought. Gruesome as the program sounded at the time, the economic effect was near magical. The French economy performed well — and Mr. Mitterrand established a precedent which, by now, may be the ruling norm in any large country on the European continent. If you want to see serious economic reforms implemented, you better hope for: