We had originally planned to have a bunch of EU players roll on NA servers for the Beta Weekends to see how latency was and then have everyone just roll on SBI if it wasn't too bad. Before that come happen, one of our members (Naito, I think?) decided to just take the initiative and push for a separate EU Guild even though we knew it would only be about 40-50 people total. He kind of took the decision out of our hands, but we threw our support behind it (forums, separate channels on Mumble, etc.) just the same.
Probably 3 months after launch Naito and the other EU leader, Mulligan, disappeared off the face of the earth. We've been collecting gold in-game to correct their mistake and get players transferred over so they can play with GAF ever since.
So, I guess the TLDR answer would be: No, and there probably won't be one. BUT, we have lots of players from the EU (and Asia, and Australia and South America) who have little to no complaints about the latency or lag. I'd just roll on Stormbluff Isle. If you're worried about not finding people during your playtime, the Megaserver system basically lumps everyone together so it shouldn't be a problem.