I think it is interesting how Sweden's center-right government reduced welfare dependence and the role of government before and during the recession, and now relative to the rest of Europe, they are doing great. Only just now are they considering any sort of stimulus and personally I think they should stay away from stimulus, as its not going to fix their long term problems (which is the rest of Europe dragging down the economy).
The main mistake that was made with the Euro was that they had a monetary union without making a fiscal union. And by that, I mean they all used the same money without using the same fiscal policies that lend money its strength. If every country had the same fiscal policies as Germany, then the Euro would be incredibly strong and we probably wouldn't even be having this austerity debate. But they let countries with corruption and poor fiscal policy ride on the shoulders of more responsible countries.
I think the United States has much easier to solve debt problems, we just need to stop having such an interventionist foreign policy. It has only hurt us. Plus we really need to streamline welfare and the tax code, plus there are a lot of things that the government shouldn't be involved with, like subsidizing corn production.