The WWF European Championship was started as a way to highlight non-American wrestlers, and also a way to generate heat for those wrestlers when the WWF had shows in Europe.  Thus, while in America the European Championship is considered a third-rate title, it wasn't unusual in 1997-98 for the European title match to be the main event when the WWF had shows in the United Kingdom and elsewhere.

The belt has decreased in prestige steadily since its inception, not being defended for weeks at a time and on some occasions having the bookers forget about it completely.
 

WINNER                            EVENT                DATE        WON FROM
Davey Boy Smith                                             2-26-97     Owen Hart

This was the finals of a tournament to crown the first European Champion in Berlin, Germany.

Shawn Michaels                 One Night Only     9-20-97      Davey Boy Smith
Hunter Hearst Helmsley                                   12-11-97    Shawn Michaels 
Owen Hart                                                        1-20-98      Goldust

Goldust impersonated champ HHH and lost, but Commissioner Sgt. Slaughter allowed the title change to stand.

Hunter Hearst Helmsley                                   3-16-98       Owen Hart
D'Lo Brown                                                     7-14-98       Hunter Hearst Helmsley
X-Pac                                                               9-15-98       D'Lo
D'Lo Brown                                                      9-29-98      X-Pac
X-Pac                                Judgment Day         10-18-98     D'Lo Brown
Shane McMahon                                               2-15-99      X-Pac
Mideon                                                             6-29-99      VACANT

Shane McMahon retired the title after defeating X-Pac at WrestleMania XV. It remained vacant until late June, when Mideon took it out of Shane's bag. On Heat taped June 29, Mideon announced the belt was given to him as a gift from above. He first defended it on that Heat against Al Snow.

D'Lo Brown                      Fully Loaded          7-25-99      Mideon
Jeff Jarrett                         SummerSlam          8-22-99      D'Lo Brown
Mark Henry                                                      8-23-99      Jeff Jarrett

Jarrett handed the belt over to Henry as a thank you for helping him defeat D'Lo Brown at SummerSlam.

D'Lo Brown                      Unforgiven              9-26-99     Mark Henry
British Bulldog                                                 10-26-99   D'Lo Brown
Val Venis                                                          12-12-99   British Bulldog

Val Venis defeated D'lo Brown and The British Bulldog for the European Title.

Kurt Angle                                                         2-10-99    Val Venis
Chris Jericho                   Wrestlemania 2000   4-2-00      Kurt Angle

Chris Jericho pinned Chris Benoit in the second of a two-fall three-way dance (with Kurt Angle) for the I-C and Euro titles.

Eddie Guerrero                                                4-3-00       Chris Jericho
Saturn                                                               7-23-00     Eddie Guerrero
Al Snow                                                           9-1-00       Saturn
William Regal                                                 10-16-00    Al Snow
Crash Holly                                                     12-2-00      William Regal
William Regal                                                 12-5-00      Crash Holly
Test                                                                  1-22-01     William Regal
Eddie Guerrero                                                4-1-01       Test
Matt Hardy                                                       4-24-01     Eddie Guerrero
 


Information from http://www.wrestleline.com, massive formatting by myself.

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