What a bullshit law. If things have flaws, they don't just have flaws for the benefit of police or government agencies. They have flaws for anyone that knows them or discovers them. This stuff will still be accessible for smart criminals, even more so in corrupt governments.
An encryption with exploits is not an encryption, it's a time bomb and it will blow up in your face at the worst moment.
They want that. It's no coincidence that people pushing this are all unelected.
It is a criminal takeover of the EU in its final stages (Europeans like to think they are very smart and have lots of strategic depth, but I'll repeat that these are the final stages of it).