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I've been thinking about this because i'm an autist
What is holding Europe back is that there is too much diversity in terms of history, sound, and there isn't a coherent overarching ideology (like with the USSR) that the EU, or EF if it federates, could claim to be the incarnation of. The US, for example, has one shared history, one real language, and champions liberal democratic capitalism. In terms of economy, demographics and military, the EU has more than what it takes to be a competitor to China and the US, even surpassing them in many ways. The issues are purely cultural.
If you ask me, Europe should create a homegrown ideology/religion and transform the EU into its incarnation