"euro" was just the name given to the smaller, 3 piece crank bottom bracket by cyclists in the 70's, when everything had to be "campy," and french, like their heroes.
i also want to clear up that i'm NOT in favor of department store bikes. finding a good old american cruiser is so easy, and high quality parts are still cheap. i just bought enough well made parts, minus frames and forks, to build two bikes, for about 250 bucks. (one piece cranks and a bottom bracket are $12 for both.)