Growth = Print More Money
Austerity = Instead of spending 10% more than income, spend "only" 5% more than income

The obvious problem: All governments make more promises than they can keep, which works for a while (perhaps 40-50 years in some cases) then the bills become due and they are bankrupt.

For a government with control over its own money printing press, the solution is obvious: Print whatever you need to pay off claims.
For Europe it now comes down to this: "Integration" of all ECB member countries, so that the ECB can do the job the FED has already done in the USA: Print up whatever is needed.