It depends how many members there are from each country too. Are most people here from Europe? If so it would make more sense to have more mods here.

I don't think people should just be suggested though, as they may not want to do it but having been nominated by others may feel a certain pressure to do it. It would be better to have people suggest themselves. I used to want a position on the team but no longer do, as I have just started my own board and have to moderate that.