Disagree. Not only does Europe have the demographics and educational institutions, but on top of that, it has very high social mobility [1].
I agree 100% related to the retention of talent, but I have a different perspective: I think there exist 2 kinds of retention, (I) environmental and institutional retention and (II) organizational retention.
At the (I), you have all the things that Europeans bring here when such discussions happen: accessibility to public health care, a range of public services, less inequality, access to education, and so on.
At the (II) come the big companies and their perks, mission, compensation, impact on society, organizational culture, rewarding mechanisms for ambition, and allow people work satisfaction. And a market large enough to allow some work mobility (change seats and plenty of opportunities).
Being in Central Europe, I can say we have (I) but are lacking at the (II).
I have been around for almost a decade, and my general impression is that people have some mixture of a bit of professional cope that sublimes to work contentment and, honestly, unless you have a big reason and/or financial offset to stay due to (I) personal circumstances, people that can have options will choose (II).
[1] - https://europa.eu/youreurope/citizens/residence/residence-ri...