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From my experience in both systems, I think some of the students of course would (the best students in Scandinavia are just as good as the best students anywhere else), but certainly not all of them. And the degree of grade inflation as well as the level of courses and course difficulty is not only highly variable by school but also by individual instances of courses, so it's pretty hard to make broad claims regardless.

I should also note I've taken courses in Europe where the failure rate was like 60%, but I've also taken courses where just about every student got (the equivalent of) an A. Easy grading occurs in Euroland as well. Or other phenomenona, like niche courses that tend to only attract talented, interested students.

P.S. The "common" in "common knowledge" is not some claim of accuracy/correctness and does not lend credence to your point---a lot of things that are common knowledge are false! (I bet most things that fall under that description are false to a degree, or at least in terms of each individuals' average understanding.)

P.P.S. Failure in the US system and the European systems are very different things. In most US schools, failing is permanently recorded on your transcript and cannot be erased. You also cannot retake an exam you've failed. You just get the one shot. So the cost of failure in the US is much higher than in Europe, where it's absolutely routine. The US system also samples students more often, with course grades consisting of many homeworks, multiple exams, etc---this gives an early signal to students doing poorly they need to get their shit together and also prevents students from falling behind. In Europe it's often just a single final exam, which may be a whole of 10-15 minutes if it's an oral exam, and you may be permitted to take the exam even if you haven't really been doing the work (often you need some perfunctory thing like 50% of the points from the homework to qualify). All these factors are also responsible for high European failure rates---it's definitely not just the Americans going easy.