While being a "esteren" (is that a typo or just me not knowing, either way is fine) European kid is a fact, thus not a insult, retard is often used as a insult.
So I dont find it to be a racist comment, but rather a juvenile insult.
I mean if I walk up to a white dude and tell him "You white man!", its hardly racist, unless I mean that being white is a insult... Which would be hypocrisy lol...
Now if I walk up to Obama and say: YOU BLACK MAN! I guess the FBI would make me go poof and end up in a dumpster somewhere in Nevada.
Conclusion: If he put emphasis on esteren European man, then it may indeed have been meant to be a insult towards your race, which is racism... Now, if that person had the same skin color as you and happens to live in the same country... He would just be insulting himself so no.
I once hanged around with two black friends, one was nice the other turned out to be a asshole that badmouthed me whenever I was gone, when I confronted him he kept calling me "stoopid white boiiii!", With high emphasis on "white boy", yes that was racist no doubt.
Now if you think it was racist (after all you know how he said it), then hell yes its racist.