For starters, the papers have it wrong- not unusual.
It is not the EU that has "implemented a ban". It is the UK MHRA, following guidelines set down by the European Pharmacopoeia, an organisation separate from the EU.
The reason they wish to enforce a ban of not more than 0.5% sulphate in milk of magnesium products is if you get sulphate levels much higher than this, it is possible that magnesium sulphate can form. Magnesium Sulphate can potentially serious central nervous system complications, ranging from depression through to reduced respiration. These are not trivial risks.
The manufacturer, GSK, has voluntarily agreed to stop manufacturing the product whilst doing 2 things; applying for an exemption based upon EP papers and 30 years of trading experience and data, to allow up to a 1% upper limit in sulphates; and exploring alternative manfacturing processes to allow for lower sulphate levels in the product, but this second option does not seem possible.
The EP and the UK MHRA have agreed to this waiver for milk of magnesia.
Bit of a non-story, all in all, fuelled by anti- EU sentiment and knee-jerk over-reaction to some slanted media stories....
http://blogs.ec.europa.eu/ECintheUK/cloudy-coverage-on-milk-of-magnesia/
I would be interested in any other examples you have where the EU is determined to micro-manage our lives?