Until 1997, we were part of Hasbro UK, so it can still just be referred to as "European" for convenience and as a shorter reference terminology. We may not be a part of Europe geographically, and may have differed slightly with our product lineup, but when it came to our source of toys at that time, we weren't a separate Hasbro market.
And for the majority of fans (Americans), referring to them as just European is not wrong, or requiring correction.