I think that makes sense. I'm with Jason regarding using full country names. country-germany is harder to type and less instinctive than germany, so people will not be as likely to use it. Also, as Chris Rea points out, simply using the country name is better for search engine reasons (SEO).
country-agnostic may be helpful. I'm not sure about that one, since simply not picking a country tag would have the same effect. The approach that Chris describes in his comment (country names when necessary, no tag for questions that apply broadly) seems best to me for now.
It dawns on me that we are probably also going to need law. We have copyright, but (1) there are a lot of legal questions that are on-topic but not necessarily copyright-related, and (2) copyright itself is a country-dependent thing.
My personal preference would be to let all of this evolve organically. That is, I don't think we're at a point where we need to go on a massive re-tagging campaign. We need to wait and see how often given questions come up. For example, is having tags for germany, france, and italy really the way to go? Or just eu, since the EU has essentially uniform laws on almost all issues potentially relevant here? I don't think we know yet.
Edit: Based on Chris's persuasive comments below, I think letting the site evolve much further without guidance on this topic does seem risky. My preference remains that it be organic, but realistically, I think we need to develop a strategy now, and the one that Chris has described on Money and elsewhere is a good one, IMO.
I would advocate that we begin tagging questions that are specific to one country using country names as we notice them, and encourage (via comments) the question askers to do the same.