This is not a law and it has little chance of becoming one. It's a declaration by two lone MEPs and was signed by others who probably had no idea what it said. The EP does not have the right of legislative initiative, which means they can't even propose this as a law.
Apparently governments can now unlock any privacy rights by supplying one of two universal keys: "pedophile" or "terrorist".
I guess it's a good thing Google is rolling SSL searches.