I think that’s a bit drastic changing the name of the town for a better Google ranking. The smart thing to do would have been to invest the money in a proper seo campaign. If there are already large amounts of people searching for EU, then you can capture some peoples interest that would normally have never stumbled across the French town. If in searching for EU a French Town came up in first place I would certainly take a look.
I agree with Cali. It is not necessary to change the name of the town just to get a better Google ranking. I agree about investing the money in a proper SEO campaign. There’s a lot of things to do to rank high in Google without changing the town’s name. It’s a bit drastic indeed.