No; it also uses capitals for proper nouns (Ludoviko Zamenhof; Esperanto; Usono).
Usage of capitals with adjectives derived from proper nouns is non-uniform; some write la angla lingvo while some use la Angla lingvo. (This also lets you distinguish between kubaj cigaroj "cubical cigars" and Kubaj cigaroj "Cuban cigars".) Lower-case writing for derived adjectives is more common, though.
Even the Fundamento used capitals inconsistently, apparently.
See also http://bertilow.com/pmeg/gramatiko/propraj_nomoj/majuskloj.html . (Which also advises that months are capitalised, days of the week are not, for example.)
Eŭropano is a noun meaning a European in the sense of a European person, a person from Europe, formed with -an- which is a member of, or a citizen of a country.
It's not an adjective as in "European food" or "European countries" - just as you couldn't say "I like Frenchman food" or "I bought some Spaniard wine".