Question

How did european monarchs use commerce and religion to advance their nations’ fortunes?

Answer 1

They created powerful merchants by promoting enterprises in exchange for financial support, also they expanded territory though royal authority at the expense of the catholic church and through marriage.
On top of that, the religions that is adopted by the European monarchs persuade its followers to make some sort of 'offerings' for the sake of religious institutions that eventually is used as additional assets for the monarch to advance its trading.