Thats a question I have thought about as well. In Canada the transistion is 18000'. Say you have a tansition at 5000' and, for the sake of arguement, the MEA is also 5000'. IF the altimeter setting is below 29.92 and you level at 5000', set 29.92 (as required) you would be BELOW the MEA of 5000'.
Unless of course the MEA in Europe takes into account the transition altitude and the use of 29.92 (and assumes altimeters are set at 29.92)