There's nothing, not even close and it's obviously a problem.
The reason a lot of this antagonism exists is because the EU is not able to compete in a lot of these areas.
While there's a lot of good impetus is privacy legislation, there should be 10x more effort into gearing themselves to be more competitive.
Edit: Europe's inability to materially face this problem is by far the #1 issue. There definitely is an acceptance, on some level, behind closed doors certainly there is discussion and some action, but much more energy seems to be devoted to punishing foreign, successful companies.
It's a bad position to be in to try to legislate foreign behemoths than to have your own, and be worried about how foreign nations may be regulating your own behemoths.
Edit 2: I've made a similar comment a few times and it's guaranteed to be down-voted (again, that's fine, I don't mind it's not a personal issue I have no problem with votes) - but assuming that this is more than likely Europeans down-voting as a rough measure of disagreement, it's really quite a disturbing sentiment that at least popularly, there's difficulty in accepting the obvious lack of competitiveness in these areas. This is why I say it's the #1 challenge - until there is acceptance, there will no progress.