Exchanges are paid for in the UY they occur unless that UY is 2 years ahead (rarely happens) and given you are already in your 2008 UY, would not occur in this case. So any points you use will have to be in the 2009 UY and you CAN borrow 2010 points into 2009 to make that exchange occur if needed, could use 2009 points or could bank 2008 points into 2009 to use. Just don't borrow until you get an exchange.
You have other timeshares and aren't you an II member. Unless you are going to use Club Cordial, why not look at other options for European trips. Talk to Dial an Exchange also. It's very likely you'll have a much better chance of getting something through II or DAE directly than using DVC and the cost should be much less.
DAE works more on a first come basis than trade power.
Please realize I have not yet been to Europe though I have used points for my daughter and a friend to go Rome and Paris. In general timeshares are smaller and have less amenities than in the US. The ones in places like Paris and London are smaller, not as nice and almost impossible to get. The others tend to be a bit further out. Were I looking to go to europe for a month and 2 weeks on exchanges, I'd likely look at some of the nicer resorts then fill in times in between on cash for places like Rome and Paris. I don't know how much you're looking to travel or if you have other options like rewards points.
