The Democracy in Europe Movement 2025 (DiEM25) has announced the former Greek finance minister Yanis Varoufakis as its candidate for the European Parliament election in Germany, scheduled to hold in May 2019.

Varoufakis, who was at loggerheads with the German government during the peak of the Greek debt crisis, will head the Demokratie in Europa, a German political party which is a faction of the DiEM25, one he launched in 2016.

Following frequent clashes with his hardline counterpart at the time, Wolfgang Schaeuble, Varoufakis claimed that the political centre of Germany was under threat because of its level of austerity. This, he also believed, was evident in the low volume of investments in the country, despite the country’s alleged earnings on paper.

He also argued that this was a major factor responsible for high rate of inequality, sky-high share prices and house prices in the country at the time.

Speaking on the nomination at a conference in Berlin, Varoufakis said, “I accept the nomination because it epitomises the new trans-national politics we need in Europe.”

The 57-year-old anti-austerity economist also called on the people to join him on his quest to achieve democracy in not just Germany, but in Europe at large because it is important and will result in prosperity.

Although he is not German citizen, his camp believes he fulfils the requirements needed to stand as a candidate in Germany as he is an EU citizen who resides in the country.

Among some of his campaign promises is the provision of a new EU budget aimed at the integration of immigrants, building green infrastructure and fighting poverty. This budget will be funded by taxes exercised on carbon and financial transactions, he says.

Varoufakis notably resigned from position as finance minister in 2015, following the conditions of Greece’s bailout terms.