I am European and I tend to agree. The way it's currently going, it'll self-select for people who are good at filling out forms, which will either be the giant companies that can afford to hire what are effectively tax-funded civil servants (they happen to be employed by companies, but only exist because of the government and are effectively a tax on business).

Or there'll be a common European subgenre of "startups" that exclusively draw funding from EU/govs because they're great at filling out forms and telling paper pushers what they want to hear. Then they ship some hypercompliant product nobody wants to use.