Austerity is a death spiral - Europe's in it and the Republicans in the USA are hellbent to dive in as well, not able to learn from Europe's mistakes that cutting only leads to more cutting. Europe needs stimulus, not cuts.
It also, like the USA, needs to bring its outsourced jobs back from China. Unemployed people don't buy stuff, leading to more unemployment.
I think that most of the EU realizes that stimulus is needed for some countries. The question is how much and how is it structured.
Similarly here in the US economic recovery is geographically uneven. I think this contributes to the political polarity that we are seeing here.
Yes on the outsourced jobs but no to spending what you/we do not have (borrowing). We will have to go through a few bad years of austerity to get back to prosperity. Stop borrowing and go "paycheck to paycheck".