mind you, i'm thinking of a united europe... one currency, no immigration restrictions... etc. not europe in it's current form.
i dunno... the EU already has some pretty liberal immigration policies... (I think since 9/11 they've become a bit tighter, but not as tight as the US)... and you have some elites from less developed countries who choose to go to Europe over the US. If Europe continues to allow these people to come into it's borders, after some time they'll have the academic might to match the US.
this is specualtion, but Europe has it's poor nations around the baltic sea area that welcome the oppurtunity to work any sort of blue collar job... which can be used to really boost tedious manufacturing jobs... the sort of work that we export to mexico and to pacific rim countries.
europe also has many resources...
factor the intellectual base, resources and a blue collar base... and they are pretty self sufficent.
the only thing that we in the US have working for us at the moment is our embrace of, well as form of capitalism that is extremely unrestrictive, I don't think any other nation has a system of capitalism like ours... however, I think Europe will soon get on the bandwaggon once they realize to become a serious economic powerhouse, they'll need to lax some of their socalist standards.
we've already seen how big a bitch europe can be when it comes to US business interests... for example the GE-Honeywell merger was blocked by the europeans.