Silicon Valley vs. Europe: Mike Butcher has something to say

Back in May 2008, when TechCrunch UK‘s editor Mike Butcher came to Barcelona for Startup 2.0 and for a TechCrunch party, he had something to say about the Silicon Valley vs. Europe dilemma. He thinks that each part of Europe can become a component of what Silicon Valley is nowadays: German entrepeneurship, Spanish sun, British finances, etc. Is this realistic?