As far as I know (and a quick search turned up no difference), the region encoding is not as stringent as DVD movies... those have 7 regions, like normal (though with the DVDX CD, you can watch all regions of DVDs). There seem to be 3 flavours of encoding for games, North America, Europe, and Asia.
So, I think that the game will work in your PS2.
*EDIT* Heh, and in the 5 minutes I searched to make sure, you got the answer from a European.
