IIRC there were some talks between France and Germany a couple of weeks ago to make the national tickets for Germany and France also apply to the other country - if France were to adopt such a ticket, too. I think it might actually become true in our lifetime...
We already have a europe-wide ticket. That would be the Interrail pass. Unfortunately it's not intended for commuting and so it isn't truly unlimited in one's country of residence. Also costs a lot more than €49/month for unlimited travel, but includes high speed trains too (sometimes with a mandatory reservation charge)
That's were I got the idea for a real EU/continent wide ticket, but France has to adopt such a ticket in the first place.
And Germany has solve some issues with it's own ticket: Since so many transportation companies are involved some have troubled to accept all the different tickets. Imagine this on European scale...
And our ministers of transport and finance try to kill the ticket silently by reducing funds.
I think "unlimited" is a way too big word considering all the limitations, I'm not even sure what's left after these:
Unlike Germany’s identically priced travel pass, however, the Portuguese ticket is not available on buses or on intercity trains such as the Alfa Pendular, Intercidades, InterRegional and Internacional services.
It is also not valid for urban networks in Porto, Lisbon and Coimbra.
Where is Portugal’s €49 rail pass valid?
The new national train pass can be used on most regional services around the country, but there are a couple of excluded areas.
Both the Alentejo Litoral and the Coimbra area are not participating in the scheme.
This means the pass is not valid on routes including Régua-Pocinho (Douro Line), Coimbra-Figueira da Foz (suburban Coimbra), Pinhal Novo-Évora and Pinhal Novo-Vila Nova da Baronia (Alentejo Line), and Pinhal Novo-Tunes (Southern Line).