European standards are indeed 240VAC (and 50Hz), but it's not balanced any more than it is here; they use single phase power (one hot conductor and one neutral) for household current, just like we do. Perhaps you are thinking of 240 split phase power (two 120VAC lines 180 degrees apart), which is what major household appliances use here in the US, which is totally different, and balanced, sort of. Actually, it's not the power which is balanced or not, it's the loads.
It's true that the current for a given power load is twice for a 120VAC circuit than it is for a 240VAC circuit and therefore takes a larger conductor, but that's no big deal; you just look up the conductor ampacity values in the NEC2008 code and size your wiring accordingly.