In order to attract skilled IT workers, European Union prepares a "Blue Card" program that will be a direct competitor to the US's H1-B visa. American officials suspect that it will be harder for the US industry to attract foreign people to fill the skills gap and encourage a refinement of H1-B.

Just two thoughts: To keep pace with America's attractivity for foreign workers, the European Union will have to offer much more that just a bunch of documents for immigrants. A complex program like the Blue Card has to pass a resolution by the EU parliament, and that takes a lot of time. Additionally, Europe has no self-image as melting pot nor country of immigration like the US has. Things are quite static and apart from the big cities it's still exceptional not to come from the same place. I think the Blue Card will just repeat problems of H1-B. It just does this the European way. (Source)