The problem I see is that while Europe is waking up to the fact that they need to invest more in defense, they haven't realized yet that they need to build a military that can actually project power if they want to replace/augment the US. That's a different beast. And you are right, no single country in Europe could do that, and it would indeed be very bad if they would try. What has to happen is that Europe, ideally including the UK, comes together to form such a military.