Did I use the word "all" anywhere in my comment? There are good developers in Europe. What I am saying is that there would have been even more of them had the incentives not been so lackluster. More talent seems to generally result in a greater competitive ability.
Fwiw, I have doubts that currently Europe can compete with the US at the startup level, let alone at the bigco one.
I am not trying to drag Europe down - it worries me that sophisticated complacency, overconfidence based on the achievements of previous generations, and addiction to comfort, will start eroding the very aspects that make it a great place to live at.