Does Europe especially need to reconsider their approach to the Internet? EDGE would say yes:
Edge: TIME TO START TAKING THE INTERNET SERIOUSLY By David Gelernter : "Introduction: Our Algorithmic Culture" by John Brockman:
"Edge was in Munich in January for DLD 2010 and an Edge/DLD event entitled 'Informavore' — a discussion featuring Frank Schirrmacher, Editor of the Feuilleton and Co-Publisher of Frankfurter Allgemeine Zeitung, Andrian Kreye, Feuilleton Editor of Sueddeutsche Zeitung, Munich; and Yale computer science visionary David Gelernter, who, in his 1991 book Mirror Worlds presented what's now called 'cloud computing.'
The intent of the panel was to discuss — for the benefit of a German audience — the import of the recent Frank Schirrmacher interview on Edge entitled 'The Age of the Informavore.' David Gelernter, who predicted the Web, and who first presented the idea of 'the cloud', was the scientist on the panel along with Schirrmacher and Kreye, Feuilleton editors of the two leading German national newspapers, both distinguished intellectuals....
Take a look at the photos from the recent Edge annual dinner  and you will find the people who are re-writing global culture, and also changing your business, and, your head. What do Evan Williams (Twitter) , Larry Page (Google) , Tim Berners-Lee (World Wide Web Consortium ), Sergey Brin (Google), Bill Joy (Sun) , Salar Kamangar (Google), Keith Coleman (Google Gmail) , Marissa Mayer (Google),  Lori Park (Google) , W. Daniel Hillis (Applied Minds) , Nathan Myhrvold (Intellectual Ventures) , Dave Morin (formerly Facebook), Michael Tchao (Apple iPad),  Tony Fadell (Apple/iPod) , Jeff Skoll (formerly eBay),  Chad Hurley (YouTube) , Bill Gates (Microsoft) , Jeff Bezos (Amazon)  have in common? All are software engineers or scientists.
So what's the point? It's a culture. Call it the algorithmic culture. To get it, you need to be part of it, you need to come out of it. Otherwise, you spend the rest of your life dancing to the tune of other people's code. Just look at Europe where the idea of competition in the Internet space appears to focus on litigation, legislation, regulation, and criminalization. [emphasis added]"