Abstract The paper aims to measure the European crisis and to compare the crisis-affected countries with the least affected country within PIIGS nations through formation of different indices (principal component analysis). The annual data are collected from 2001 to 2015. These variables were segregated into macro, banking, fiscal, social and financial variables. FGLS, PCSE and IV approach was applied. The results show the Eurozone crisis is a complex web of financial, fiscal, macro and social crisis indices. It is basically not the banking crisis. The crisis window (2008–2009) turns out to be significant.

中文翻译：

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衡量PIIGS国家的欧元区危机：通过综合指数方法

摘要本文旨在衡量欧洲危机，并通过形成不同的指标（主要成分分析）将受危机影响的国家与PIIGS国家中受影响最小的国家进行比较。年度数据从2001年到2015年收集。这些变量分为宏观，银行，财政，社会和金融变量。应用了FGLS，PCSE和IV方法。结果表明，欧元区危机是由金融，财政，宏观和社会危机指数组成的复杂网络。基本上不是银行危机。危机窗口（2008-2009年）证明是重大的。