The European Commision website mentions that:
If you enter the EU from a non-EU country, goods having no commercial character in your personal luggage can be imported free of customs duties, VAT and excise duties within the following limits:
Other goods (including perfume, coffee, tea, electronic devices etc.):
Up to a value of €430 for air and sea travellers
However many people these days carry electronics of considerable worth. A new laptop can easily cost over 1500 EUR and a new phone is often around 500 EUR. Add in watches, small pieces of jewelry, perfumes, etc, and you can easily end up with 3000 EUR worth of merchandise when flying into an EU airport. Even taking into account the possible devaluation of goods after being used for some time, I'm pretty sure a significant percentage of travelers are violating the 430 EUR limit.
So what are the exact rules for temporary import of personal belongings by tourists entering the EU?
I presume there is some sort of an exemption for non-residents, however I cannot find it on the official pages of the EU. If not, are people technically supposed to report to the Red customs channel and declare their laptops and phones?