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Actually it's not Europe where it needs to most saving, but in North America. Except for the Wii no Nintendo console has ever sold exceptionally well in Europe, the U.S. has always been the more important market:

Platform:    North America       Europe
NES:                   33.49                    8.3
SNES:                 22.88                    8.15
N64:                   20.11                    6.35
Gamecube:       12.55                    4.44

With previous Nintendo systems the American market was about three times as large as Europe, and with N64 and Gamecube American market was good for about 60% of systems old including Japan.

However if you look at recent weeks, including the holidays(witch should be bigger in the U.S.) sales there are roughly the same as in Europe and Japan. If this trend continues Wii-U wouldn't even make it to 15 million if sales in Europe and Japan would reach Gamecube levels, or stay below 20 million with N64 levels.