Unfortunately, as someone who the intelligence agency in my land said, ultimate power brings ultimate corruption. If there is no #2 then no one can police #1
We have no right to preach rule of law (which more than anything means consequences for billionaires and politicians), when we don't practice it at home.
I suppose the best the argument can get is that many governments would be much worse police at least for the time being.
I think Europe does have the capacity (but maybe not the will) to check America's power.