Is someone who holds a current EASA PPL(A) allowed to operate an FAA "November" registered aircraft in Europe? Of course I'm talking about a type of aircraft and of operation he or she would be allowed to conduct with an, for example, German-registered aircraft.
This is regulated by the FAA in FAR 61.3 and local regulations specific to each country
(a) Required pilot certificate for operating a civil aircraft of the United States. No person may serve as a required pilot flight crewmember of a civil aircraft of the United States, unless that person:
(1) Has in the person's physical possession or readily accessible in the aircraft when exercising the privileges of that pilot certificate or authorization—
(i) A pilot certificate issued under this part and in accordance with § 61.19; (ii) A special purpose pilot authorization issued under § 61.77;
(iii) A temporary certificate issued under § 61.17;
(iv) A document conveying temporary authority to exercise certificate privileges issued by the Airmen Certification Branch under § 61.29(e); or
(v) When operating an aircraft within a foreign country, a pilot license issued by that country may be used.
To operate a US-registered aircraft you either need an FAA license or a pilot license issued by the country where the aircraft is operated in. This also means that you are not allowed to fly into another country, unless you also have a license issued by that country. Even if individual countries allow foreign registered aircraft to be operated by a license holder of another (non-FAA) country, it would still be a violation of FAR 61.3.
Bottom line: if you want to fly a N-registered aircraft without an FAA pilot license in Europe, you need a pilot license issued by every country you're flying into. For example, if you plan a trip from The Netherlands to Portugal you would need 5 different EASA PPL licenses issued by The Netherlands, Belgium, France, Spain and Portugal.
Regarding EASA regulation 216/2008 and 1178/2011 (EU). Since April 8, 2015, the EU laws also require pilots who live in Europe, and fly a foreign registered aircraft (for example an N-registered aircraft) that they also have to have the EASA license. There will be a postponement of this regulation by one year, i.e. until April 8, 2016, that the EU intends to publish in the coming weeks. Until 2016, there will be a bilateral agreement between the EU and the USA, providing a simple mutual recognition of licenses, stand-alone licenses. This will make it much easier to get a FAA stand-alone license.