Over the last few years too many fighters are winning the vacant belt and then immediately vacating themselves. Therefore the prestige is lost and it is merely an alphabet boy stepping stone. Current holder Dimitrenko won the vacant belt last year and made 1 defence. Virchis was the last fighter to defend in 2007. Vidoz made 2 defences in 2005-6 before becoming the opponent in 4 title fights. Adamek & Povetkin ignored the belt. With all the best HWs in Europe this should be the strongest belt and it is a lost opportunity.
Look at the recent holders of the belt: Sinan Samil Sam retired, Skelton was stripped after he lost to Rogan, Sosnowski and Fraudley both recieved title opportunities. Unless Dimiternko gets a title shot he won't be vacating.
It's not. Historically the EBU has alot of significance as it essentially guarantee's the holder a shot at the WBC. The problem we see in this day and age is the lack of consistency and the multitude of belts which has cheapened the "championships".