Trust us, we're politicians
To sum up.
The data can be transfered at any time for any reason, even illegal reasons permitted (the clause restricting it to legal purposes has been removed).
Data doesn't have to be accurate.
There's no right of redress for spreading inaccurate data around Europe.
The restrictions on transferring it outside of Europe are removed.
There's no mechanism defined to correct inaccurate data if you know there is inaccurate data.
If you are able to correct it, then they are not required to let anyone else know the corrected version, or even tell you who else was given the incorrect version.
There's no limits on what happens to data that's been transferred.
The data can be transferred to private hands, no limits even on that.
There's no gatekeeper preventing a member country from vacuuming up bulk info for non legal purposes.
There's no need to tie data collection to law enforcement, let along specific investigations.
No requirement to delete out of date data or illegally distributed data.
To cap it all, they don't disclose the draft treaty for the public to read because we might object to it.
How about this instead:
1. By default your data is private (Article 8 Human rights convention).
2. It can only be transfered if you are suspected of committing a crime in the country it's being disclosed to. (Article 5).
3. You can get it examined by an independent tribunal and corrected if it's wrong. (Article 6).
4. Once they've done investigating and you're innocent, you're entitled to have it deleted (Article 8 again).
5. It cannot be transferred on to third parties unless 2. applies there too and a treaty covers it (Article 5 again).