Earlier quoted context omitted.
I completely agree with your conclusion, this is why I feel that European tech companies can't compete with US ones at all. They just refuse to pay enough to attract the best engineers.
Having worked in both US and Europe I think this is very much less about average engineer and much more about engineering management and product management. There are many excellent software engineers in Europe already, and they are generally OK being paid much less than in the US. But the strategy, ambition, and execution discipline imparted by management are not there, so folks end up being underutilized there. The…
Euro managers however are generally thought to be of extremely low quality and unreliable as well as 20-30 years dated in terms of running an org. Except at the top, never rely on senior or middle management in Euro to be much more than followers. Never let them run an org unless you really know them as their management techniques do not apply to modern software companies. Managers from Europe are generally of poor quality.