How they will do that is not clear. A great way to avoid social media-based fake news is to avoid social media 🙂

Brussels is preparing to crack down on social media companies who have been accused of spreading “fake news”, issuing a stark warning that scandals such as the Facebook data leak threaten to “subvert our democratic systems”.

Source: EU plans to crack down on ‘fake news’ in social media
Fake news is some times intended as satire but is also used as a form of propaganda messaging. When shared on social media, fake news stories are an effective form of propaganda, quickly reaching large audiences.
On the other hand, some fake news is legitimate satire from publications like The Onion and The Beaverton.