This is an interesting though worrying follow-up to the German issue Chuck also kindly suggested to me. Luckily, when reading the original news, it seems this initiative doesn't have much substance. I'd be surprised to see that go through as the Right to Quote is an essential element of European copyright law and pretty much equivalent to Fair Use here in the US.
Where the problem becomes more complex is that that none of the Internet Content giants - Google in the first place but also Amazon or Apple - end up paying any serious taxes in Europe which makes a lot of people angry. Advertising revenue on Google Search doesn't bring much to any European countries. Amazon Kindle eBook sales? Apple's iTunes songs? No VAT for France nor Germany.
As US Internet giants use loopholes of the EU to avoid paying any significant taxes while they generate significant revenue from European consumers, some lawmakers could be tempted to consider these dangerous remedies that would hurt freedom of speech and the Internet model.