We actually mentioned Europe's answer to GPS, Galileo, in 2005. Yesterday the following story was discussed over Slashdot, Galileo Navigation System Gets Go-Ahead From EU Parliament.
Their summary: "Plans to start up the EU's first global satellite navigation system (GNSS) built under civilian control, entirely independent of other navigation systems and yet interoperable with them, were approved by MEPs on Wednesday. Both parts of this global system — Galileo and EGNOS — will offer citizens a European alternative to America's GPS or Russia's Glonass signals. The Galileo system could be used in areas such as road safety, fee collection, traffic and parking management, fleet management, emergency call, goods tracking and tracing, online booking, safety of shipping, digital tachographs, animal transport, agricultural planning and environmental protection to drive growth and make citizens' lives easier."