When I check using some tools like netstat, I'm seem to be connected to 199.91.189.22 (seems to be Phoenix EU);

Code:
 TCP    192.168.1.100:54013    199.91.189.22:55029    ESTABLISHED
[ffxiv.exe]
 TCP    192.168.1.100:54014    199.91.189.22:55029    ESTABLISHED
[ffxiv.exe]
Location info on that IP: http://www.iplocation.net/?query=199.91.189.22

Code:
P Address	Country	Region	City	ISP
199.91.189.22	Canada	Quebec	Montreal	Eidos
So if you live in Europe, don't really think it matters if you join EU or NA servers... Pretty sure the NA servers are also located in Canada.

I live in Holland and I get 100ms connection with Phoenix atm, is not bad...