No, this is why we don't want any single country/continent controlling the internet. This proposal would (if it were ever created) only affect emails sent in Europe. However, what would happen if say the US controlled (run under contract from the deparment of commerce) ICANN decided to implement a tax on domain names? One which the entire world was required to pay, without any service guarantees or say into how the moneys used? That would be a disaster, I'm sure you'd agree.
So while I completly agree that we don't want Europe controlling the net, or Asia, or Australia, neither do I belive it should be under the sole juristiction of any single government (this includes America).