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Both would be best ;)

EU2 plays much like EU1, only smoother and with increased challenge and nice historical events. It has also been around a long time and been patched and modded a lot.

EU3 has a new map engine that is easier to edit and allows you to start at any date in history, and it also has plenty of additions over EU2, and it is more dynamic in that events are not tied to any nation. It is also very stable at release, which is a new trend from Paradox that I wholly support.

In Vanilla EU1 Switzerland or the Knights are fun, while the IGC suggests the Golden Horde for maximum goodness :D