In terms of capabilities European carriers are toys, built more to assuage national prestige than to project power. In World War II this would have been a Jeep Carrier.
But, as the Falklands conflict showed, they can project power against enemies who themselves do not have a strong navy, particularly that do not have a strong air arm. They performed admirably in that role, though tere wer some significant UK naval losses to frigates and destroyers.
The Italians now have two such carriers, as do the Spanish.
France will utlimately have two larger carriers, and England has already started building their QE II class (of which they will build two), which will displace 65,000 tons and though at first a jump jet design, will also be designed from the keel up to allow for later cat installation if necessary.