No, if you lived long enough to remember the 90s and 2000s then you would have remembered that the European Union experiment was one that was supposed to be formidable and address the very thing that you are saying is a problem. Americans literally thought we were going to have to compete with Europeans in enterprise and innovation. Instead, the threat of European Union doing anything interesting was undeserved. China clearly deserves the recognition of being a the competitor we desperately need to keep going and make progress towards a more advanced species