but, as far as i know, it there such a low salary in EU now? 700USD a month?

Yes, and there are countries in EU with even lower salaries.
For example in Bulgaria the avg monthly wage is around 300 Euro and the minimum (by law) is 100 Euro. This is what people get after taxes. It is similar in Romania which is also in the EU.
On the other hand in western Europe the minimum wage is around 1200 but then again those countries will have a much higher gross government debt to GDP.