http://www.europarl.europa.eu/sides/getDoc.do?type=TA&langua...
It requires "effective and expeditious complaints and redress mechanisms" for users affected by unjustified removals, and complaints shall "be processed without undue delay and be subject to human review", and that "users shall have access to an independent body for the resolution of disputes as well as to a court or another relevant judicial authority to assert the use of an exception or limitation to copyright rules".
It might, or maybe YouTube's current mechanism already satisfies the above, don't know.