[jcfrei]

No to both in my opinion. The EU market is in reality still heavily fractured - especially in the services sector. A Hungarian construction company for example can't just easily build a bridge for a town in Italy. With Europe steadily getting older effective reforms become near impossible - especially those that would lead to large changes for workers. So Europe will forever stay in this semi broken / semi integrated state - and much higher trade barriers towards China and the US seem much more likely to me than a more competitive Europe.