alt Hacker NewsEurope has just been catastrophically slow in developing anything related to it's own tech infrastructure. Its doesn't back itself.
Given how poor it's responding to things like the Draghi report, I wouldn't anticipate success. Just more flailing around and working groups.
There are plenty of european hosts (e.g. hetzner) and with payments systems the technology is rarely the problem it's the politics. I imagine EPI will have no problem succeeding.
The major problem Europe has (mentioned in the draghi report) is with industrial competitiveness and strategy and access to cheap energy.
With the former it's not like the US is doing any better though. I dont think anybody in the west even has an industrial strategy.