A better question is: do we want critical funding for a large number of free software projects to be subject to the whims of the European Commission, who are not directly elected by citizens and whom our adversaries have much more sway over?
I think it should be national governments paying into a consortium that we control, diversifying the fund; national government is more accountable.
NGI is great but the EC is a huge single point of failure, and the EU has been fracturing.