Europeans are utterly unable to create new global enterprises at the rate of America and China, apart from a few odd balls like Spotify. Different places optimize for different things, for better and worse.
Having a homogeneous, single-language, single market of 350 million, and 1.4 billion people, respectively, is an enormous competitive advantage that Europe cannot replicate, without doing away with sovereignty and brainwashing ~80% of its population.
And despite all that, the quality of life of the average European is pretty good.
I don't think I have a single thing in my home made by an Israeli brand (And I don't use Waze, and either way, it's Google's now). I have quite a few European-branded items, though.
If the EU hadn't stopped its continent-scale genocidal domination, it could be on par with USA and China for linguiatic and economic unity.