They'll still offer the full version in the EU.
I have no direct info, but that didn't sound what the memo said.
"Windows 7 will be offered in Europe in all of the versions that will be available here in the United States, both 32- and 64-bit, with an “E” at the end of the product name (for instance, Windows 7 Home Premium E). The E versions of Windows 7 will ship at the same time as Windows 7 ships in the rest of the world, and they will be available in 23 European languages."
There's no mention of the "full" version being available in Europe...