Yes and that's basically what we have in most of Europe.
Only France really has a bit of the latter.
You can get rid of employees. You just have to show to the court that is necessary. Circumstances depend on whether it's individual performance or business need etc.
But the at will is very harsh and we don't want this here.
AUstria (and especially Switzerland) has virtually at-will employment. No need to show anything to any court, just the notice period. Job security is virtually non existent.