if you are trying to spread out risk then having a smaller circulation for each currency seems more manipulatable.

If HIVE depended on the formula alone with rates from reputable Forex exchanges; then there really wouldn't be any risk.

Remember, the risk comes from the number of coins that people are holding. Prior to the 20% interest, the market cap of HBD was less than a percent of HIVE. One could assume that the same would hold true of the Euro version of HBD.