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Each country has it's own policies, which can also can change with governments.
Some countries use a largely capitalist policy, others a largely socialist one (though no communist regime any more).
The most successful countries in Europe use mainly a quite mixed policy: a combination of a strong private sector and a large public sector for community service, and a good safety net for all citizens. Many ministers of finance are influenced by neoliberalism/Friedman and/or Keynes.
E.g. the leading party of right-wing government of Sweden, appraised as the "economic model for Europe" calls it self "the new labour party", has cut the taxes for the low income earners (increasing net salary with about 10%), protecting labourers' safety policies and promoting compulsory unemployment insurance, at the same time as putting regulations on the financial companies and threatening with laws if not voluntarily clearing out the bonus and unfair profit culture. Also increasing funds to improve vital public services (private and community owned) like schools and health care (both basically free of charge by law), to ensure highest possible quality for every citizen, and punishment to those institutions that fail to provide according to the guarantee norms. An example from 2011 is stark action to stop owners of publicly financed schools to evade taxes by manipulation while cutting own spending in the business.
Also there is an intention to make big decisions with large parliamentary majority, to maintain long-term stability even if government changes, which happens in most cases. Even the social democrats have declared that there is no reason to increase tax for normal people now, only energy taxes. An almost all parliament agreement is to keep the budget ceiling and financial surplus, which means that maintaining 1% international human aid allowance, minimum 1% of the GDP must be a net "profit" over a whole economic cycle to keep financial stability.
In the European Union there are stability pacts for the Euro collaboration etc, but some countries have deceived with manipulated reports, hiding their ongoing deficit.
While the international demands require moderate public spending, local policies intend to please the national opinion with public salaries higher than the value of the service or factual capacity, which has caused financial collapse in some countries, e.g. Greece. When governments have wanted to raise the legal age of retirement, riots have surged in various countries. In some public professions, like the police, one has been retiring at 53 in Greece, with high pensions compared to many other countries.
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