I, too, like the term European American. It provides a fair balance linguistically. I often refer to myself as a Canadian Hybrid (thats a little Asian, Aboriginal and European) because there doesn't seem to be a term for those of us who are the result of the melting pot.

The labels Yellow, Red, Black and White all denote stereotypes based on colour. I try to avoid colour references when talking about human beings. I mean, for Petes sake, we're all different colours.