Hate speech is already illegal in most of EU (you can go to jail for it). Trouble is, this was not enforced properly on social networks, they went "we don't care" and law enforcement didn't know what to do. This became a big problem during the refugee crisis, and several extreme far-right parties across Europe started using social media as their preferred medium (and the Russian propaganda machine is using it too). And they won big in several elections. So first Germany made a deal with Facebook and now the EU did it for all EU countries. I really do hope this will work to stop the propagation of hate speech at least a bit, otherwise several countries will be governed by neonazis in a few years, and even the EU itself might break. This is serious.