Only sell one version in EU; Windows European Ultimate Edition. It comes with nothing (no IE, WMP, Calc, Notepad, Wordpad etc. No themes either. Only battleship gray). All of those apps are downloadable as European Ultimate Extras.
Charge full Ultimate price (plus whatever other "premium" EUer usually get stuck with).
Oh come on. I honestly do not fear, loathe or have the slightest against unbundling, even forced unbundling. It's not so hard to press that download button. I would object if they wanted to unbundle the network stack tho.