I think we need to change to North America vs. Europe, so we can bring in Canada and add Alex!
Continent vs continent would be more fair than country vs continent as it is now. The EU has maybe twice the population of the US--North America as a whole is still smaller than the EU. I think it would reinvigorate the competition, and only hurt American feelings for a year or two (or until North America wins one). As an American, I'd prefer a fairer fight to preserving the structure of the competition as it stands.