You'll notice a lot of strong senior European teams did not qualify for this tournament. In Europe and particularly in power house soccer countries like Italy, Germany, France & England a lot more emphasis is placed on the U21 team. The U 19 team (we don't have U20 squads in Europe) which would be the team sent to this tournament, is typically full of no names or lower league players as the youngsters playing in the EPL or Division 1 around Europe that are good enough usually will go directly to the U21 squad.
There is no U21 WC so in Europe we have a U21 European Championships every two years, just won this summer by Holland.