Explained as simply as possible....

A) If you purchase an Around the World ticket originating in Canada but sold and ticketed in the U.S, you will pay the Canadian fare level converted to U.S dollars based on the date of sale

B) In Contrast, if you purchase an Around the World ticket originating in Hong Kong but sold and ticketed in the U.S, you will pay the U.S. fare level as the U.S. fare level is higher than the Hong Kong RTW fare and the U.S. is the place of issuance.

C) For the EU part of the exclusion, it is a moot point as the Around the World fare from all of the Euro denominated countries are now the same. The RTW fare from Italy, Portugal, Germany, France, Turkey are all the same level in Euro's so it really does not matter in what country you were to actually purchase as long as it is within the EU zone

D) But if you were to purchase a RTW originated in France, but pay and issue in the U.S. it would actually cost you more TODAY as the DONE3 from the U.S. is US$8600 but from France is Euro converted to US at $6,990.

Because the fare in the country of sale is higher then the higher fare applies

The Canada exclusion is primarily for Canada originations purchased and ticketed in the U.S.

The EU Exclusion is to provide free access for RTW issuance in any EU country, but if you try and issue and pay in the U.S. it will cost you more (until the Euro regains against the dollar)