No we don't. I personally think that EU's approach to privacy, especially when it comes to the internet (e.g. "right to be forgotten", "cookie law"), is completely fucked up. While EU's dysfunctional governing game (i.e. multiple countries with immensely different cultures, goals, histories and levels of development trying to act in unison) explains such things as the tax loopholes, no freedom of speech and the Euro, even this can't explain the mistakes in internet laws.

Furthermore, history will not be on EU's side in this regard. Right to be forgotten and restrictive data storing laws will have to be revoked eventually (when we have robots - "Remind me what I was talking about on that dinner during Mauritius vacations!" "I'm sorry Jessica, that was more than 3 years ago, I don't remember."). Euro won't survive without a fiscal union / federation (like the US).

Even the restrictions of data export don't help us much - sure, the companies legally can't export data to the US, but don't worry, GCHQ will!