Yes there are some very respectable EU Airlines. Salami mention some and you would have to include BA and SAS in there as well but they are very few and far between. I believe when you compare those respectable EU Airlines with the US Majors the EU comes up just a little bit short. Still not a bad gig to work for but I would put my lot in with the Big 4 across the pond.
Besides the 5-6 respectable EU Airlines the rest aren’t worth two hoots. Ryan Air and Norwegian Air? Come on! They are Emirates of the North.