The EU has the European Music Office, whose aim is "...the objectives aim to
facilitate the mobility of artists and the circulation of their works."
see http://www.emo.org/index.html
also a quick google brings up quite a lot of albums marked as EU releases
http://www.euronet.nl/~marbak/rollo/rdet_robdougan.htm#fa_cd_eu
http://www.tearsforfears.de/tffnewbestof.html
http://en.wikipedia.org/wiki/%22The_Perfect_Drug%22_Versions
http://www.euronet.nl/~marbak/rollo/rdet_fait04.htm
The EU is a defined area, which makes more sense to me. Also you could argue
that any album released in any EU country is an EU release.
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