If Europe decided to say that you can't take down things arbitrarily. What would Facebook do about that? At this point in time a geographically splintered internet with freedom of speech seems better than what we've got at the moment.
The only way I can see this happening would be different instances for each country, as in things would get moderated based on the country laws in question, which I suppose could work in theory, but at that point having enough support staff to actively moderate on a country by country basis is doubtful given how it is currently.
I understand they don't put enough effort into moderating, because obviously mentioning blue eyes isn't anything. But they should be held accountable for that, not getting away with it, as is the situation we have now.