There is a lot going on in Copenhagen, Denmark is also often ranked as the best country to start a business as the costs of starting one are low (living there is not) see http://www.prosperity.com/entrepreneurship.aspx.
In my country, Holland, many people mention Amsterdam, I don't agree with that in the sense that it is a hub. The up and coming region here is Utrecht, it has a province and university backed business incubator Utrecht Inc. and a government backed gaming incubator, which both enabled some startups with national or global impact. The startup scene is still behind that of other countries and the numbers of 'me too', 'Y for X', 'X for social media' or 'X which doesn't suck' ideas are huge.
>There is a lot going on in Copenhagen, Denmark is also often ranked as the best country to start a business as the costs of starting one are low (living there is not)
The fact that living here is not means that while it may be cheap to start a company, you have to pay some very, very high salaries to attract people in the first place if they wish to maintain a decent standard of living. You also have to consider that while CPH is a great city with a ton going on for its size, it is never going to be a huge multi-cultural mecca like London or SF have become. Denmark is simply too insular and opposed to much immigration, and that is a culture that's not going to change anytime soon.
That was my comment. I'm not stating that there are other "hubs".
Europe still doesn't have a central hub, which btw I think would be a great thing, but I'm not sure London can take that role. UK is surely not the California of Europe, and I sincerely fail in finding another candidate.
At Garage48.org, we look at the Baltic-Nordic region as one strongly tied together scene, as the countries and cities themselves are all tiny. During the last year, the change towards a more vibrant startup scene has been visible in all the region's capital cities, no need to single out any of them.