Perhaps they wanted to keep an existing price point in terms of current dollars so they had to compromise on the components to keep the bike at $1200 or whatever it sells for. The Euro may be worth more so they can afford to keep a certain level of equipment on the bike.

Just taking a quick look at xe.net, US$1 is 77 Japanese Yen, and 1 Euro is 109 Yen, so that European bike costs 40% more. In the US, 1200 Euros is close to $1700. My guess is there really isn't much of a market for an expensive hybrid bike. Trek 7.7FX is $2000, but my guess is they don't sell too many of them and Trek claims the 7.5FX is their most popular bike which is around $1000.