Do we really want that? As much business as we do over the web, do we want a bunch of Europeans with anto American complexes (see also: Brussels) having control over the internet as we know it? Having the ability to change, deny or otherwise mess with Domain Names and such?
Is this a good idea? I don't think so. Handing over control of something the US invented, and that the US has controlled in a benign manner from the beginning to a bunch of other countries who may not have our (or others) interests at heart is not a good idea.
Let 'em start their own brand of internet if they wanna control it.