It won't work
"but has said that artists should be given control of the copyright after 50 years."
The record companies will simply make them sign an agreement to re-license the works to them at the 50 years mark. (i.e. an agreement to sign a future agreement). This is how these time limits are usually bypassed.
And extension past the death of the artist is another BIG problem area. It means at that point the rights are detached from the creator and so you would then be forced to accept rights as abstract things to be bought and sold.
People like McCreevy want to create a market in such rights as a capitalism thing, i.e. Europe can buy and sell RIGHTS to play music made by long dead artists and so make itself a bigger fluffier 'richer' economy.
I think he's a f**ing moron (pardon my language). Because people can only listen to so much music, so every song from a long dead artist displaces a song from a modern one. He cannot grow the market to be bigger than it is, he can only create fake holding companies of artificially created rights that move the income from artists to those holding companies. Worse still, those companies will operate from low tax places outside the EU.
What I think they need to do is end the right when the artist dies. Force the right to be re-licensed by the artist every 5 years, specifically blocking contracts that require automatic relicensing. i.e. attach the right firmly to the creator who will be an EU citizen and more likely to bring the money into the EU.
As soon as you allow the separation of the rights from the person, those rights travel to the cheapest place they can be sold from. The artist may want to live in France, but the rights to their work can live in Cyprus or the British Virgin Islands, or...
Move it into the public domain on their death, or otherwise terminate it's exclusivity value. Like the devaluing of all other long dead artists work, as a means to clearing way for the new.
The idea of descendant benefits I find abhorrent. The idea that the descendants of an artist can get the same benefit from the artists work.... this is why we have inheritence tax, to reduce the amount of money that can be handed down, and so drive children to work like their parents did.
It (inheritance tax) is specifically to reduce CAPITAL from generation to generation, here's this is one worse, they're proposing to not even reduce INCOME from generation to generation. Are they nuts?