I don't think European hockey is weaker quality, the best players are more spread around the whole Europe than ever before. Twenty years ago there were only few good leagues, now there's plenty. Hockeys top leagues are way more competitive today and there's more of them.
Finnish league used to be super high quality. Some of these teams were ridiculously good, especially 90s. TPS and Jokerit were absolutely ridiculous.
TPS 94-95, if you are over thirty you will definitely recognise few names even from NHL, and then international level:
The roster, scoring and goaltender statistics for the 1994-95 TPS Turku playing in the SM-liiga.
www.hockeydb.com
Jokerit 94-95:
The roster, scoring and goaltender statistics for the 1994-95 Jokerit Helsinki playing in the SM-liiga.
www.hockeydb.com
Now the talent is just more spread around. Imo.
I think Europe is becoming better and better imo