Interferometry can and has been conducted with intercontinental baselines. This is how the Event Horizon Telescope works - but at microwave wavelengths. However, at optical wavelengths the longest baselines are of order 100 metres (e.g. at the VLT site in Paranal and the Keck telescopes on Mauna Kea).
Interferometry at infrared and shorter wavelengths is harder than at microwave/radio wavelengths for a number of reasons. One is that the visible light is badly affected by the atmosphere. This introduces phase errors for telescopes situated in different places. It also means that integrations have to be short (of order 10 ms) to catch the atmosphere in a "still" state and that telescopes larger than the coherence length of $\sim 10$ cm may not be particularly useful unless coupled with expensive adaptive optics systems. Even should one correct for this turbulence, it is not the same correction for objects that differ in position by only a few arcseconds, so large scale imaging is not possible.
A further problem is that in order to observe faint objects you would like to observe over a finite bandwidth. But unless one restricts the bandwidth to a very small fraction of the observation wavelength, this puts severe constraints on the optical pathlengths used in the array of telescopes - basically you end up with requiring the various pathlengths between the telescopes and where the signals are recombined, to be the same within a wavelength of light and this precison is difficult to achieve over longer baselines. For instance you need very precisely controlled delay lines running in precisely measured vacuum tubes. What's more, because of the Earth's rotation, then to keep pathlengths similar as an object moves with respect to the telescope array, then the delay lines need fast, but accurate, moving components to compensate for this!
i.e. It is not just that you have to make the various pathlengths similar to within a wavelength of light; you have to keep them that way with moving parts/mirrors etc. The picture below shows the "Paranal Express", which is an optical platform that moves (at up to 50 cm/s) to compensate for the "sidereal optical path difference" at the VLT Interferometer in Chile.
Although in principle an interferometer can achieve the same angular resolution as a telescope with a diameter similar to the longest baseline it will never be as sensitive. The E-ELT will act as a big photon-collecting bucket that cannot be matched even by a large number of widely spaced smaller telescopes, especially when considering the limitations on aperture and integration time discussed above. Optical interferometry is restricted to observing very bright targets at present. There are a limited number of photons present in the "coherent volume of atmosphere" above the telescope (the coherent volume here is the square of the coherence length multiplied by the speed of light and the atmospheric coherence time).
Lastly it has to be said that interferometers cannot create a perfect image from a sparsely sampled array. What they detect are interference patterns and there are complex algorithms that then attempt to reconstruct the astronomical image that led to the interference pattern. These algorithms can often yield ambiguous, or certainly non-unique, results. So far, at optical wavelengths, most work has been limited to simple measurements of the diameters of stars and separations of binary systems, or other simple geometric arrangements.