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Within the EU, kind of. This doesn’t prevent Steam from offering different prices by region, but they must allow users to log into different regions to make purchases at the localised prices. In practise, like all other products and services in the EU, prices will harmonise. In other words, they’ll rise in some countries, and drop in others. There are a litany of benefits for the EU single market, so this law will not change. Valve must adapt.
Rising costs for poorer member states sure sounds like a great benefit of this short sighted system.