Truth is that European teams simply had an awful draw, running into each other in the last-16, but that they could plausibly have been in all the semifinal matches like it was in 2006!
Although three European giants, France, England and Italy performed poorly, the fact remains that Europe is the center of the world when it comes to football: the European championships are small world cups, and all the best football and players converges to the European leagues. When non-European players return to play for their home countries it is European styles and cultures they take with them, more so than they are giving it to European football!
In footballing terms, Europe rules the world, and it is perhaps also symbolic that the first World Cup on African soil will also be the first which is won by a European team outside Europe (no, Uruguay does not stand a chance), since Europeans brought football to Africa, and in spite of its popularity on the continent, football is as European as any other of the imperialist exports of the old continent.
In any case, no doubt that Europe rules the football world, and that this will continue for many years!