I enjoy a good euro, matter in fact my favorite game before Mage Wars took the crown was Agricola. Very fine game, lots of resource management and board development needed to win the game (sounds like MW right).
My buddy I play with is a consummate Board Game collector, and the term we are discussing in modern terms are mostly non-derogatory. In the past 70's-80's games from this side of the pond were typically of poor design but high in quality for the game pieces (mostly) hence the term Ameri-trash. Good looking but not fun to play...
Euro are mostly resource management games with small amount of direct conflict with you opponents, which is typical of them, they are lovers not fighters(once again mostly), so Euro style game can also be used in a derogatory manner also....
just my 2 pence/pfennigs/pennies