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What we had announced last week has finally become reality: Microsoft cut prices for the Xbox 360s sold in Europe, in a desperate attempt to keep up with Sony's looming menace and the suffocating pressure from Nintendo.

It's a fact that Microsoft is not well-positioned in Europe and that generally speaking PAL areas are Sony playground stronghold. Even with a launch more than a year and a half later, the PlayStation 3 still managed to overcome the difficulties related to manufacturing and bad press, and is now ready to surpass Xbox 360's install base in Europe.

Probably to prevent that from happening anytime soon, the Redmond behemoth has lowered the prices for its console, making the entry-level model even cheaper than the Nintendo Wii.  The price-cuts will be effective starting Friday, February 14. However, Microsoft has something to brag with: according to their press statement, the Xbox 360 "is the number one next-gen console in EMEA, owning 42% of the market in terms of life-to-date revenue. Xbox 360 continues to enjoy the highest software attach rate of any game console in Europe with more than 7.0 games sold per console (PS3: 3.8; Wii 3.5) after 26 months on the market."

Moreover, the Big Brother from Seattle estimates that more than 1000 games will be available for the Xbox 360 by the end of 2008, out of which at least 150 are rated 3+. Just to make its product even more enticing for worried parents, Microsoft underlines that no other console offers the strict parental controls that the Xbox 360 offers.

"Xbox 360 is now mass market in Europe," said Chris Lewis, Vice President, Microsoft Interactive Entertainment Business Europe. "We have reached and surpassed several key milestones that form part of our long term strategic plan to achieve critical mass in Europe; and our portfolio now offers the kind of mainstream entertainment experiences that secure wider appeal for Xbox 360. These factors allow us to execute on our strategy to widen the market for Xbox 360, as planned."

"We continue to offer intense, immersive gaming experiences for gamers – but now we’re priced in a way that will allow new consumers to find out for themselves why Xbox 360 is the ultimate in high-definition entertainment." said Lewis. "History shows that £159.99 is the price point where a console’s audience begins to expand, and with these new ERPs in place we’re ready to bring more consumers into the Xbox 360 world."

In case you haven't clicked on the link in the first paragraph, here's the list of prices to be applied starting this week:

Xbox 360 Core system: £159.99 ERP Xbox 360 Premium: £199.99 – a saving of £50 on the current ERPXbox 360 Elite: £259.99 – a saving of £40 And as if a consistent price cut, a consistent library of games, a strong online service and a persistent red ring of death wouldn't be enough, Microsoft promises that X60-endowed gamers will have episodic content to download for GTA IV only from Xbox Live, plus exclusives like Gears of War 2, Too Human or Fable 2.