Of course, the problem is how to convince European tax payers to part with the money necessary for this. Particularly as we already have two separate European projects to design next gen fighters, the UK-Italian-Swedish Tempest as well as the French-German-Spanish FCAS. Like herding cats.
I wonder what could be done to reduce the cost of developing a new top of the line fighter? More COTS components? A modular approach, which is certainly much more limited in scope in high-performance aircraft than e.g. in cars?
[1] As for China and Russia, interestingly it seems that China is poised to overtake Russia in combat aircraft development: https://rusi.org/explore-our-research/publications/whitehall...