The Marshall Plan, also known as the European Recovery Program, channeled over $13 billion to finance the economic recovery of Europe between 1948 and 1951. The Marshall Plan successfully sparked economic recovery, meeting its objective of ‘restoring the confidence of the European people in the economic future of their own countries and of Europe as a whole.’ The plan is named for Secretary of State George C. Marshall, who announced it in a commencement speech at Harvard University on June 5, 1947.