European Athletics has contractual obligations until the end of 2015 including the European Team Championships in 2015 and will therefore not be signing up to the event. According to 'insidethegames', there is a possibility that the 2015 European Games will hold a 4 day invitational athletics event instead.
http://www.insidethegames.biz/sports/summer/athletics/1014020-exclusive-european-games-proposing-own-athletics-event-if-governing-body-refuse-to-sign-up
In the longer term it's difficult to see how a major athletics event could be accommodated in the current 4 year cycle (the next European Games will be in 2019). Berlin is expected to be awarded the 2018 European Championships later this year and 2019 is an Athletics World Championships year. The only possibilities I can see for the 2019 European Games is for them to include the Athletics Team Championships or the Under 23 Championships.