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No, EU does not "plan to create a great firewall". It's an analytical report produced by a consulting company from Hamburg that comes up with a suggestion about creating an "European cloud/firewall" and further details suggest they don't quite understand the meaning of either word.
The report is not EU law. It's exactly what it is - a rather silly report produced by a consulting company on order from a EP agency.
P.S. it has nothing to do with 5G and deep state