I honestly don't see it.
When you look at French or German bestseller lists, self-help books and books on football and cuisine are perennial winners. Not much different from Americans.
Martin Amis is no greater a novelist than Updike. Amelie is no more impressive a cinematic achievement than Moonstruck. An empty room with one flickering track light is no more profound than the Photorealist school.
The Europeans are no longer great generators of cultural artifacts - they are connoisseurs of their own and others'.
Their plastic arts and literature have been as degraded by postmodernity as America's.