In the UK...
... We have some of the best consumer protection legislation around, for example:
Sale of Goods Act 1979 - Goods must be of Satisfactory Quality, As Advertised and Fit for Purpose. If they are not, it is up to the Retailer to sort out the problem, not the consumer or the manufacturer.
Distance Selling Regulations 2000 - Goods must be delivered within 30 days unless otherwise agreed. Goods must be sold according to the SoGA 1979. The customer has 7 days to examine the goods as long as they're not perishable/ time dependant (eg newspapers) and then return them/ cancel the contract if they change their minds.
Sale and Supply of Goods to Consumers 2002 - If a fault appears on an item within 6 months it's up to the Retailer to prove it wasn't present or inherent at the time of purchase, otherwise the consumer can claim refund, repair or replacement at their discretion. After 6 months and up to 6 years (if it's reasonable for the goods to last that long) if the consumer can prove the fault was inherent they can still claim this right.
Section 75 of the Consumer Credit Act - If you pay for goods worth between £100 and £30,000 by a Credit Card it makes the Card Company jointly and severally liable for remedying any problems (ie if the Retailer has gone bust, you can still get your money back).
The EU should not be trying to *weaken* these rights, they should be *expanding* the regulations to ensure that everyone in the EU can have them.
PS As well as being a consumer, I'm a retailer as well and I have no problems in giving customers these rights if they buy from me.