There seemed to be quite a bit of coverage in the press over the initial proposal of moving the age to 16. However, now there's a ruling, here is the news: Member states can set their own user age limits, which many are pretty much going to remain unchanged as they are.
The European Union's member states will set their own age limits for social media use after they failed to agree on a uniform policy.
There had been a proposal to ban Facebook, Twitter, Instagram and other services from processing personal data belonging to under-16s unless their parents had given consent. EU Says Member Countries Can Set Their Own Social Site User Age Limits [bbc.co.uk]
The European Commission and European Parliament had originally proposed that there should be a uniform age of consent set at 13 years, which would have brought the EU in line with the US.