The EU is protecting it's citizens. You don't have to spend very much time comparing the EU (and Europe in general) to the US to find differences in philosophy.
US has a very individual centric attitude where everyone is an temporarily inconvenienced millionare and Europe has a much more collective attitude. I will take the European attitude over the US one any day of the week (and I'm from neither, I'm Antipodean).
Every billionare is a policy failure.