Europe in general, with some rare exceptions, does not value the kinds of skills that are selected for in SV.
The culture is bad. The incentives are all wrong. Pay peanuts, get monkeys.
The typical business person in Europe considers him or herself top of the pecking order. This only looks to be true relatively because they hire less capable workers. These are the exact kind of people who imagine hiring twice as many developers gets the job accomplished faster i.e. simpletons.
The typical software engineer is at least one standard deviation above them. Just not in one specific area. In everything. I have friends who did part-time degrees in literature or language studies while they were also studying for computer science at some of the most elite european universities. Most geeks are systems thinkers and have no trouble in grokking areas outside of their main thing. Many of us refuse to be put into a box.
Having interests in exclusively one thing is a pretty fair indicator of not being very adaptive, I'd say it's almost defintional. That is the kind of person they want to hire. You can hire them, but they won't be very good.
Then you get these idiots who think they can run circles around us because they have the phone number of a venture capitalist or bank manager. Get a grip boys, your money doesn't count for much when a software engineer can be ramen profitable so easily. I have all manner of skills I don't bother to put on the market because the rates of pay are so pitiful and I can obtain better results by doing my own thing. Lots of other people just physically move. This is then misread by the business community as 'not enough skills'.
The other thing is that most projects they offer are really boring grunt work where you learn nothing by doing them. If there was an actual project we found cool or innovative we'd probably work for lower base salary plus some equity, but that's not the kind of work we get here in Europe, those kinds of benefits are reserved for Clod-Class. A good many programmers would prefer to work 20 hrs a week as janitors and then work on interesting projects rather than put up with this bullshit plus work 60-70 hour weeks. How many European programmers are told they'll be paid 20-30 euro per hour but actually are required to work three or four hours a day for free? Apparently they like to think we can't do arithmetic but can order a machine to do floating point operations just fine.
Diagnosis: Failure to Coordinate. Failure of Imagination.