I don't see this proposal going all the way, to be honest, it seems too idealistic. I expect it will be perverted into its opposite, e.g. justification for "review methods" that states could apply to "check if your encryption is secure", which would result in compromising that very security. Remember that EU law is adapted at individual state level; for generic stuff like this, there is plenty of space for interpretation by national legislators.
As a supporter of the EU concept, I think this is dangerous territory for the Union, at a time when its popularity is pretty low. I hope I'll be proven wrong.