Jea, a 240V line is inherently "balanced". Its ground and neutral are the same (center) conductor, with a potential of +120v on one side and -120V on the other (which reverses every 60 sec. of course.) BTW, I don't believe European 240V power is configured this way (at the outlet), but somebody correct me if this is wrong.
Now to get balanced 120V is a whole 'nuther matter. First you get a great big toroidal transformer and feed it 120V +/_ into one tap and zero volts (neutral) into the other. In a second, identical winding, you take the power out at 60V +/_ tap and 60V -/+ tap and feed one to each blade of the AC plug. To keep the drama queens at U/L happy, you create an artificial ground/neutral for the center ground pin of the plug/receptacle. This is done through some kind of circuitry which U/L is willing to certify provides shock protection ;~)) but it's not an "earth" ground.
If your equipment circuit designer or assembler has been less than attentive as you postulate, then balanced power will save his/her ass because both primary leads are being fed equal (60V) voltage in a "push-pull" arrangement around (or across) an "imaginary" ground (rather than the normal zero volts in one lead and plus-or-minus 120V in the other.) So in the balanced-power-fed component, circuit polarity relative to ground disappears along with any polarity mismatches in the wiring.
Now to get balanced 120V is a whole 'nuther matter. First you get a great big toroidal transformer and feed it 120V +/_ into one tap and zero volts (neutral) into the other. In a second, identical winding, you take the power out at 60V +/_ tap and 60V -/+ tap and feed one to each blade of the AC plug. To keep the drama queens at U/L happy, you create an artificial ground/neutral for the center ground pin of the plug/receptacle. This is done through some kind of circuitry which U/L is willing to certify provides shock protection ;~)) but it's not an "earth" ground.
If your equipment circuit designer or assembler has been less than attentive as you postulate, then balanced power will save his/her ass because both primary leads are being fed equal (60V) voltage in a "push-pull" arrangement around (or across) an "imaginary" ground (rather than the normal zero volts in one lead and plus-or-minus 120V in the other.) So in the balanced-power-fed component, circuit polarity relative to ground disappears along with any polarity mismatches in the wiring.