If that were true Europe wouldn't keep lagging behind America the way it's been for the last 60 years. Europeans generally take the boring government and manufacturing jobs. In the entertainment and futuristic industries they lag miles behind.
Good truth is that hard boring work and high tax will make the crisis even worse. Europe needs to start adapting for the future and forget the old 20th century industries.
I'm having a little swedish perspective here since I can't really talk for other young people in europe but in this country a too big part of the new generation wants to work with entertainment and not those classic manufacturing and engineering jobs.
I think many people get blinded by hollywood and the US entertainment business just because it's so big and powerful. California alone would be one of the world's biggest economies and much bigger than most european countries.
Yet in Sweden what is needed is civil engineers, engineers, IT specialists and so on.
What is not needed is fashion people, journalists, desingers, hair stylists and all those things many young people aim for because they want to have "fun" work
In time Europe can probably transition but what is needed is stop the drain and stop the flow of jobs abroad and to Asia. Can't just say "ohh lets outcompete US in entertainment and let everything be made in China/Taiwan/Korea"
Germany for example is awesome because of the manufacturing and high skill within things like the car industry. 1 job in the German car industry is probably 10 other jobs in Germany. That's how it works. Those high end manufacturing companies are solid gold for a country. It creates jobs for suppliers, sub-suppliers and so forth in a full value chain. That type of business must be kept in Europe at all costs and not be outsorced