It seems Sony Europe's President, Dan Reeves, thinks so. In an interview
on Three Speech, he addresses the lack of price cut in Europe saying it would've annoyed consumers to have cut the price only three months into the launch there. I can see his point as I don't know how many times I purchased a CPU only to see it drop the next week. It's just funny to see so much coming out of Sony Europe lately though and while the comment is a little strange I think I would've worded it differently. Personally, I would've just cut the price and deal with the few people that were annoyed that purchased the system already or maybe offer a nice free download of a game.