The DGB’s proposals for a new ‘Marshall Plan’ for Europe may mark the beginning of a discussion on the concrete alternatives to austerity.

For nearly five years, austerity has been touted as the only way to tackle the effects of the Eurozone’s financial crisis. Steve Coulter profiles a new initiative from the German trade union confederation, the Deutsche Gewerkschaftsbund, which aims to leverage Europe’s idle private capital via a ‘European Future Fund’. This fund would focus on green investment, as well as training, R&D and transport. The Fund would be supported by bonds whose interest would be covered by the proposed Financial Transactions tax. While questions remain over how the initial finance can be raised and the plan’s short term results, this new ‘Marshall Plan’ for Europe shows that there may yet be alternatives to austerity.