The word 'liberal' in a European context ranges in meaning, and often encompasses many aspects of what those in the US would recognize as 'libertarian'. It just really depends on the context though. Depending on the country, 'liberalism' may be associated with center-left, center-right, or both (see UK LibDems as an example). In general, though, it is typically used in contrast to both right wing conservative parties and left wing social-democratic parties.