[ng12]

The two are not equivalent. America is shorthand for the United States of. Mexico is short for Estados Unidos Mexicanos. Europe is a geographically defined continent.

If I were in Switzerland, Norway, Iceland, Serbia, Macedonia, or the Ukraine would it not be appropriate to say I was in Europe?

[cr1895]

Well technically I think it depends on which side of Iceland you're standing. To the west you're on the North American plate and to the east it's the Eurasian plate.