According to UNESCO, there are about 50-70 institutions of higher learning named as “Memorial” university or college, including the well-known Memorial University of Newfoundland (or simply “Memorial University”) and Lincoln Memorial University. For unknown reasons, this naming form is especially common in the Philippines.
A Memorial University is typically established to honor and memorialize a particular founder, historical figure, or sometimes a more general endowment. The diversity of names is telling: Aurora Pioneer Memorial College, Florida Memorial University or Bon Secours Memorial College of Nursing.
EULER is the common and short-form name of this institution, echoing the common practice of referring to well-named universities with a single word (and without including “university”); it common to refer to Oxford, Yale, Leiden or The Sorbonne with no need to add “university.” EULER students and graduates would certainly follow this pattern, all the while knowing the full institutional name which is “The Euler-Franeker Memorial University.”