What could help? A much stronger expansion in the euro area as a whole; higher inflation in the European core. Looser monetary policy could help achieve these things, but bear in mind that the ECB, like the Fed, is basically up against the zero lower bound. It can and should try to push unconventional policies, but it needs as much help as possible from fiscal policy too — not a situation in which austerity in the periphery is reinforced by austerity in the core, too.
Ou seja, a “alternativa à austeridade” depende tanto de nós como a rotação da Terra. O resto é folclore mediático.