"Europe Victory" is available only to the king. It happens when you hit the time limit and haven't declared independence yet. "Time Victory" is also available only to the king. If you have declared independence, but run out of time before beating all the REF, this one happens. The only way you can win is by independence, and the only way you can lose by independence is if an AI gets there first, which given what weenies they are right now ain't gonna happen.