It’s set to become mandatory, i.e. law. According to the article.
And this isn’t a free speech issue. It’s about disinformation. Folks can say what they want, but a political ad needs to clearly be a political ad. And disinformation can’t be profit motivated.
It’s all in the article you just linked. You can say what ever you want, but if it’s bullshit, Google will need to flag it or face fines.
Assuming you’re asking in good faith, the code is here.
https://digital-strategy.ec.europa.eu/en/policies/code-practice-disinformation
Paid fact-checkers spread across all member states.
“The new Code will extend fact-checking coverage across all EU Member States and languages and ensure that platforms will make a more consistent use of fact-checking on their services. Moreover, the Code works towards ensuring fair financial contributions for fact-checkers’ work and better access to fact-checkers to information facilitating their daily work.”
Essentially, everything will have Snopes attached to it. Including political ads and other forms of advertising. As well as more blatant propaganda.