Obviously, I'm not the first one to discover this. Serious demographers have been aware of this for a very long time and there have been attempts to create what is called an Adjusted Total Fertility Rate, which as the name implies, tries to take into account changes in the timing of birth and derive a more accurate estimate of how many children people are actually having. Luckily, the good folks at the Vienna Institute of Demography publishes regularly a European Demographic Data Sheet which summarizes demographic data for European countries, including an adjusted total fertility rate, and is available here. The most recent edition, from 2008, includes this neat little map that shows very clearly part of what I was trying to say in that earlier post: European demography is not universally bad, there is a number of countries with relatively healthy fertility rates. (click to enlarge)
Having said that, the demographic situation in many countries is of course very serious. Excluding Turkey, only about a third of the European population live in countries with fertility rates approaching replacement (red and orange). For the EU as a whole the adjusted TFR is 1.72, better than the 1.53 the TFR would indicate, but in many countries, particulary Southern European ones, the situation is pretty dire.
At this point one should note that fertility isn't the only important indicator here. For instance, while adjusted fertility is higher in Germany than in Spain, Germany has had lower fertility for longer, leading to a higher median age and probably a worse situation overall, at least as of right now. Ditto for Estonia, which has both a high median age and suffers from emigration. Still, I think the adjusted TFR as shown in the map above does help you to get a more accurate demographic picture, as long as you keep in mind that there are other variables.