According to Jonathan Spyer in this month's MERIA Journal, they've been way overstated:

This is certainly a challenge to what's usually taken as conventional wisdom. Most of the dominant foreign policy journals assume that Europe is a rising superpower - and that the EU needs to be treated with the deference reserved for a cohesive bloc. Many of the more theoretical academic journals assume that post-nationalism is either a pervasive ideology or a strongly emerging one across the Continent. Spyer strongly suggests that the foreign policy journals have been a little too quick in their conclusions - or a little too slow to see the effects that the liberation of Iraq had on intra-European relations. On the humanities side, recent scholarship - particularly in Critical Discourse Analysis [PDF] done by Ruth Wodak and her team - all but eviscerates the idea that Europe has moved or into a post-nationalist era.

So prospects for European coordination and consolidation remain a little less rosy than most glib analysis suggests. Now once Westminster Abbey and the Louvre are ransacked and the governments of Britain and France are forced to make way for at least localized sharia law - well, then you'll certainly see a kind of trans-European culture begin to develop.

References:
* EUROPE AND IRAQ: TEST CASE FOR THE COMMON FOREIGN AND SECURITY POLICY [MERIA]
* 'Debating the Constitution: on the representations of Europe/the EU in the press. [PDF] [Ruth Wodak et al]

Previously:
* The Nation: So What If Europe Demographically Collapses? Stop Being Such A Nativist!
* Europe Remembers the Holocaust
* Europe Remembers the Holocaust