All in all, Wenger has spent money wisely all through his tenure here; we have generally got a lot of bang for each buck, even during the last 9 years.
The problem for me is that Wenger hasn't spent enough since the Emirates move. There is no doubt in my mind that he could have spent significantly more than he has during the last 5 years, and I certainly don't think the board has been a stumbling block in that respect. There have been restrictions, for sure, but IMO Wenger has knowingly chosen not to spend even close to all the money that has been available.
Even now, I don't think Wenger is really going to push the boat out in that respect; last summer for me is how I think things will continue to pan out with Wenger. He spent more than before, but not enough, and we didn't lose any important players. I again think we are going to set a new record for ourselves this summer when it comes to net spend, I think we are going to keep our important players, but ultimately I don't believe Wenger will get it all done transfer wise. He is still going to leave us short somewhere.
Perhaps this is not all doom and gloom though. After the Özil signing, and throughout last season, I said I would be happy if we in the coming years were able to keep everyone we want to keep, and add one top class player each season. That is quite sensible in one respect, but I am convinced there are several managers out there who would show a lot more urgency to assemble a really top class squad that can really challenge for trophies on all fronts.
When I said the above it was mainly because I think it is the best we can hope for with Wenger around. In my heart though, I am a lot less patient. Fans have been very patient for a long time, and I want things to happen faster.