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An Even Worse Thing is when we allow a super-governmental organisation to dictate what they deem to be acceptable level of non-culture to be forced upon us.Only if what that "super-governmental organisation" dictates something against the wish of the people. I'm not a huge EU commission fan myself, but I surely do. And I'd bet at least the French, for one, are equally delighted with this (and I'd say Italians as well).
Unlike Americans who leave it all to the invisible hands of the market, and its "free" movements (easily distorted by all kinds of monopolies, power imbalances, private interests, foul play, cartels, and such), many Europeans (including me) believe in deciding as societies, and forcing our decision onto the corporations peddling their stuff.
And since you propose people to "vote with their wallet", so to speak, for that to happen people must have the option to do so, e.g. a variety to choose from. With these laws such services will be forced to give European people the option to watch EU content as well.
>I, as a Dutchman have, and I can say that most of them suck and there's a very good reason you don't see them on stuff like Netflix.
Well, there are people in EU who are hot on US culture and think that their own cultural production "sucks". But there are also people who think that its Hollywood films that suck, have naive simplistic plots and world-views, too much spandex and explosions, and so on.
When US films didn't dominate the market, we had lots of excellent European directors that have heavily inspired US filmmakers as well, as admitted by Coppola, Tarantino, Scorsese and so on.