I finally have time to put up a post here.
The reason Europe is less able to field a blue water force is because of its historical roles within NATO. The US Navy is the prime strike force of NATO; all other navies are designed to slot into it. The French Navy has gone their own way, which is why they have fleet carriers; the English are preparing to launch two new fleet carriers, but by and large, most of NATO's carrier force is the USN.
This is by design.
All navies in NATO have a role. Canadian/German navies, for instance, are anti-sub forces specialized in the North Atlantic and Baltic Sea specifically. Italian/Greek/Turkish navies are specialized on holding the Bospherous against the Black Sea fleet. Royal Navy serves as a secondary function to the USN - capable of issuing strikes and supporting amphibious capability, but the USA has always taken the lead.
You're right in this is an extension of the Pacific War. After WW2, the USN had the lead in carriers by leaps and bounds - 24 Essex class carriers and 2 Midway classes. This meant that restructuring the navies for the cold war naturally gave the USN the core concept, since it was far cheaper to have one navy that worked together on an operational scale than to have 4 major Western navies (US, UK, French, Canadian).
Of course, that concept no longer works, in that we're not going to ever have a war with Russia or China, not as we currently understand war. The foreign policy aberrations in Iraq/Afghanistan (whatever else you want to call it, they are certainly aberrations) have led to the US having to focus power in an area that is not strategically important for shipping. What is it, 3 carriers in the Gulf?
Then there is North Korea keeping several carriers there.
Anyway. The point is that NATO is still running ships that were built in the 1990s, designed in the 1980s to do the tasks of the 1970s, and it is going to take a huge amount of money and effort to redesign our militaries to be what they need to be for the post Cold War era. The USA is not leading the path in this aspect (consider the Ford-class supercarriers currently under production/order), but the UK and France are. It will be interesting to see if we return to an era of independent naval concepts, or if anti-piracy/terrorism creates a new NATO force.
(PS, the US is doing someone awesome with their littoral combat ships, USS Freedom and Independence. Amazing vessels. Zumwalt-class destroyers are bitchin awesome too.)