AC already beat me too it but to add - it's right there in the summary:
Social media is unfortunately one of the tools that terrorist groups use to radicalise young people and racist use to spread violence and hatred. This agreement is an important step forward to ensure that the internet remains a place of free and democratic expression, where European values and laws are respected."
Nowhere in her quote is their a suggestion that they are doing this out of some need to assuage western guilt as your comment implies.
IMO this isn't really as newsworthy as people are making it out to be. While I don't agree with them European countries have had hate speech laws on their books since the end of WW II. If some American companies want to pander to these laws in order to grow their market or avoid some other regulatory oversight by being a "team player" than it's their prerogative.
I believe it will only make them look bad in the long run as they won't have the resources to follow through and they will invariably make mistakes that will upset people. But again, I don't own those companies (and try to avoid using their products) so it's up to them, they certainly don't care what I think!
