I'm European, and pro-EU. Yet, everyone I respect in my inner circle is crystal-clear about one thing: EU has lost. There's US, there's CN... and a big hole where EU should be. In technology, EU is not a contender, and will never be. Demographics and culture prevent it. I've worked extremely hard to change this for four years, but I have given up.
It is very much related: the legislation is a reaction to US internet giants stealing revenue from European companies, and taxes from European governments.
It's a shame it's buried behind pointless discussion on whether the EU has internet giants.