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The relationship between the United States government and ICANN, the private non-profit corporation which oversees the assignment of domain names, has often been a thorn in the eyes of the European Union.

It's a weird document. It goes to great, very great lengths to emphasise the success of the private sector in building and maintaining the backbone of the internet, whether we're talking early days or right now. Basically every management aspect of the internet (including here in Europe) is handled by private companies, relatively to completely free from government meddling.
The document dedicates an entire section to the success of ICANN, and only points to the lack of international oversight as a flaw. What this basically means is that the EU admits that the current setup works just fine - even without its input.
Read the entire article here : http://www.osnews.com/story/21694/EU_Admits_ICANN_Is_Doing_Fine_But_Wants_Change_Anyway