Nah, I don't see Europe producing their own silicon valley - EU has over-regulated and a fragmented market. Too many regulations lead to less enterprises, while fragmentation (Germany, France, etc. with their own regulations + language barriers) prevents companies from growing big in their home soil.
Anecdotally, I feel like Sweden produces more startups that grow large worldwide. I presume, they have less regulations in place + English is more widespread I guess.