European starts with a vowel in spelling, but actually phonerically begins with a consonant, /j/, so it doesn't trigger the "an" thing.
Similarly some spellings start with a consonant but have vowels (like acronyms, "an SSRI", the name of the letter S, "ess", begins with a vowel)
More to the point I agree with what you're saying. This seems like lazy attribution of cause that is so common in American business and politics. "Of course deregulation will boost growth!" Why? Because of religious beliefs about deregulation boosting growth.