Actually, Germany has not spent within its means. Back in 2011, it was reported that the country has $5 trillion in hidden debt.
Also, the “austerity” of the European Union always includes tax increases. That is not conducive to growth. The manner of austerity that US conservatives call for (stipulating massive tax decreases), the EU would utterly object to (as would Germany); remember that many EU economists are trying to make the USA the scapegoat for their financial crisis, slamming what they call the “Anglo-Saxon free-market capitalism model” (when the USA has actually abandoned) in favor of the social market economy.
Correction: €5 trillion rather than $5 trillion.