Is this true?

The old, standard RSA number generator token key ring device is not permitted in Europe for authorizing bank actions ?

Precisely. You can use and old-style hardware token that only generates numbers to log in, but not to authorize an operation such as a money transfer.

The requirement is called "dynamic linking" (the 2FA code must be tied to the specific transaction) and the relevant regulation is PSD2.

	▲	miahi a day ago \| parent [-]
		There are "simple" hardware tokens that allow for that - you have to enter the amount and part of the destination IBAN and they generate a 2FA number based on that + probably the same number generator it uses for logins.