European Cookies (not a recipe!)

Blogger just told me: "European Union laws require you to give European Union visitors information about cookies used and data collected on your blog. In many cases, these laws also require you to obtain consent.
As a courtesy, we have added a notice on your blog to explain Google's use of certain Blogger and Google cookies, including use of Google Analytics and AdSense cookies, and other data collected by Google."

I don't know what I should do about the above statement, and I ignored it when they said something to me a few years ago, so this time, I thought that I'd just show you what they said, and you can decide if it applies to you, and what you would do about it!  =)