According to the IISS in The Military Balance 2003-2004 (the last time I checked it) the comparative numbers were:
European Union
1,846,910 Active Duty Personnel
2,827,080 Reserves
10,712 Main Battle Tanks
3,182 Combat Aircraft
United States
1,427,000 Active Duty Personnel
1,237,700 Reserves
8,023 Tanks
3,513 Combat Aircraft
The EU has more warships/submarines than the United States but lacks Carrier Aviation. It would however be able to keep the USN out of the Med and Europes' Atlantic Coast readily enough (most EU subs are conventional but in littorial waters that doesn't matter)
Just thought I'd throw in some stats.