Causes of the European debt crisis historian Robert Skidelsky added that it was indeed excessive lending by banks, not deficit spending that created this crisis. Government's mounting debts are a response to the economic downturn as spending rises and tax revenues fall, not its cause. Either way, high debt levels alone may not explain the crisis. According to The Economist Intelligence Unit, the position of the euro area looked "no worse and in some respects, rather better than that of the US or the UK." The budget deficit for the euro area as a whole (see graph) is much lower and the euro area's government debt/GDP
From each according to his ability, to each according to his needs complete paragraph containing Marx's statement of the creed in the "Critique of the Gotha Program" is as follows: Although Marx is popularly thought of as the originator of the phrase, the slogan was common within the socialist movement. For example, it was used by August Becker in 1844 and Louis Blanc in 1851. The origin of this phrasing has also been attributed to the French utopian Étienne-Gabriel Morelly, who proposed in his 1755 "Code of Nature" "Sacred and Fundamental Laws that would tear out the roots of vice and of all the evils of a society", including: A similar phrase