America has always used the dollar monopoly + international treaties + sanctions, etc, as wrench to beat other countries into submission to expand their power.
The only reason the US and Europe collaborated and traded so much post WW2 was that the New Dealers in power wanted to avoid a Greate Depression at all costs in America. They had factories with a tremendous productive capacity but not enough domestic demand. So they needed countries to offload their extra goods to (Europe).
Bretton Woods however, ended. In the 1970s Europe was told by the US "the dollar is our currency but it is now your problem". Europe had relied on fixed exchange rates for its industry and trade, but America decided they wanted to kneecap the Japanese and German competition due to America's changing economic conditions.
Europe also played itself into economic irrelevance by not firewalling itself from American Big Tech. For every digital purchase they pay a 30% rent to America. They are now vassals whose governments can be shut down at the press of an American button.
Compound that with their disastrous program of austery post 2008 crash. The Euro crisis was solved by bailing out the banks while using the average person's money to back it up. The problem being that the banks took the money, gave it to big industry, big industry looked out the window and saw struggling people, and decided to not invest. Who would invest when the people have no money to buy your goods? So Europe is now behind economically as well and no longer as competitive on international markets as they used to be.
The solution for Europe is to recognize that they have always been bullied by America. This was never a marriage of equals. They need to take the reigns, invest massively in new technology, maybe with some protectionism to allow homegrown software industries, and stride forward on their own path.