Aviation Organizations Oppose Foreign Maintenance Oversight Bill - AVweb

I’m curious. How does the European aviation industry regulate themselves? America has its FAA for governing rules of how aircraft comply with airworthness, airspace use and regulations governing how pilots can fly and the NTSB investigating accidents and incidents to reveal causes and recommend measures to further air safety to help reduce errors or eliminate them. If American aircraft fly to Europe and Asia, similar regulations there allow freedom to use their airspace. Foreign air carriers must adhere to FAA regs to fly in USA airspace. Is Europe and Asia complying with FAA standards or have their own version so a level playing field allows commerce freedom in a universal airspace with everyone playing by the same rules and not affected by economics or political differences?