I'll answer the title of this thread...somewhat.
EU has higher latency than before for one reason. Had you read the monthly Game Director Letter, you would already know this, but since it's still such an issue, I'll quote the letter.
This is the reason they were moved. Plain and simple.Phase One - Moving the servers physically to the same location. This allows us to consolidate the EU and US realms into the same physical server set, which paves the way for the single server tech.
Funcom did testing (as they always do before any game change) and determined that the latency change would not ruin the playability of the game by moving all servers to the US - something required to do in order to advance to single server tech.
Now whether or not you think the latency you are experiencing is unacceptable or not is something only you as an individual player can answer. People all over the world play this game, and whether we live in the US or abroad, latency varies for everyone.