Europe will never compete at a major tournament under the same banner. There are so many world class athletes under each countries banner especially the UK, Germany, France, Holland etc that a lot of the other, smaller countries would be unlikely to have someone chosen to represent their nation at the Olympics which seems pretty unfair considering a big factor of the games is national pride. The UK for example prides itself on it's athletes. Mo Farah, Jessica Ennis, Jason Kenny, Laura Trott, Murray, Froome, Wiggins etc are all household names and no doubt many of those mentioned above and more will be receiving honours from her majesty.