I don't think the language barrier is that big of a deal. And more importantly I think the cultural value it provides us vastly outweights the economic benefit of a shared tongue.
I think one of the more urgent reforms that could help the EU prosper would be a common fiscal policy. We have the same tarifs on goods coming from abroad and most of us share the same currency, but countries are still offering varying tax rates. I think having an EU wide tax policy would help spreading the European branches of foreign companies more evenly. Though I reckon not everyone would like this (wink wink, Ireland).
EDIT: oh and also. I agree with your overall point, but using Lemmy as an example for "great innovation coming from the EU"...
Spero che il tuo capo sia stato l'ultimo a ridere, al momento della fattura. Magari anche con qualche extra o straordinario per aver saltato la pausa pranzo.