We're not actually being auster (is that the adjective?) these days. We're in normal spending mode. Our saving measures have concluded a long, long fucking time ago. See, we've started the whole austerity thing before 2008, we didn't react to a crisis, we were in crisis mode when the crisis came around. For other reasons, but it's one of the reasons why we came out of it pretty well. Aside, of course, from being fascists that live on the European slave labor force in... well, every other member state, according to our expert Dribbles' here.
As for spending... we'll spend when and where it's appropriate. I think, I hope that is the biggest takeaway from the recent financial disasters. Spending just for the sake of getting money into circulation is all dandy and fine, but in the long run you'd rather spend money sensibly than just... say, buy a quadrillion toilet rolls only to be able to say you pumped a lot of spare change into the economic system.
I'm not an economist, so I don't know jack shit about economy, but I think our current model of subsidizing vital industries is a wiser choice of spending than... whatever everyone thinks "spending" is. I don't like phrases like "you need to spend more" because people usually don't know what they mean by that.
As for renaissance... no idea what you're talking about. The only renaissance that I see possible is a EU wide fiscal system. First, of course, to support our fascist empire, but also to reduce tax avoidance and, most importantly to establish an equalising system where rich nations outright sponsor poor nations. Germany does it on a national basis and while the rich states grumble every year, nobody contests it, because it works and keeps everyone equally miserable.