The problem is that the EU and China are both looking for export markets to fund their economic growth, unless EU blows up it's welfare system and prints money like the US, the two are competitors.

But doing that would undermine Euro's credibility, as the EU is a loose union of countries with their distinct interests and politics, also member countries would compete on outspending each other as the Euro would have been essentially free money, a Euro debt crisis on turbocharge.

So, the EU can never print like the US. The EU and China will be rivals.