Don't believe the EU claims found in the BBC article here.
Let me give you a quote from the article:
Last month, the social networking site Facebook was forced to abandon a plan to change its policy towards privacy after a backlash by users.
The EU cites this as evidence that the regulators need to intervene to protect consumers.
Okay, so as we all know, Facebook wanted to change their policy so that they could use user information even after the users removed their account. The whole internet blew up with complaints, articles etc and Facebook thought it might be better not to do that.
So, this to me seems pretty self regulatory, without a need for any intervention by the government.
The internet works like this: if a company or organization wants the screw the users, the internet community revolts and either the company changes their policies, or the users leave. Problem solved.
All the EU wants is CONTROL of users and information! No protection AT ALL. So be warned!