That would be a no from me. Considering the recent headlines from the EU wanting to scan every private message on the phones of it's citizens in order to "protect the children".
If not this time then the next. Just the fact that the commission was allowed to propose such a blatant privacy invading law is enough for me to know that privacy is not a something that the EU is serious about.
I don't think this is what being argued here. We know that privacy is an after thought of most companies even in the EU.
But to think that the EU would be the guarantor of everyone's privacy on the web, is completely ridiculous.
Also your argument is not valid. When Google detects that you break their rules they ban your account. When the government has this kind power, then they have the power to do worse things to you, like imprisonment, fines, putting you on a blacklist and much more...