Why? There were once Gizmondo, but it bombed hard. 

Sony meets demands of the many.... europeans as well.

Can you imagine what it would take to start up a new console bussiness and

tell people you planned to compete against Sony and microsoft?

Good luck getting finace for something like that.

You've had your chance.

Was about to post it.

I had to look up what Gizmondo was.... because I didnt know.
Apparently it was a small Handheld, that came out early 2005, and competed against Nintendo's DS and Sonys PSP.
It ran windows CE, and had alot of pc port games running low res on it (carmagedon ect).

Video of a game on it:

most games are developed in na/japan. In europe arnt that many game developers.

Maybe Europe isn't great at making consoles but atleast we have.......ahem.....ahem....a decent economy?

i am looking forward for an expensive german engineering console....

In b4 German master race.

Wasn't there recently a chinese console released? It's China only though, iirc.