Is someone holding an EASA PPL (A) allowed to operate a "November" registered aircraft in Europe?
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.