I think the crucial difference is who is responsible for the repairs; the manufacturer or the seller. After 1 year, the seller is responsible for the legal guarantee; and must work out with the manufacturer who pays for the repair. The buyer doesn't have to pay in either case. One crucial difference from a warranty is the defect must have existed when purchased, and if it was not discovered within 6 months of purchase the seller can require proof it was defective when purchased. It also requires you to deal with the seller, so if you bought a Mac in Spain from a local store and live in Germany; Apple can refuse to fix it in Germany since they did not sell it to you if it dies; you need to send it to Spain although if the seller agrees it was defective when purchased you don't have to pay shipping costs.
So it is a bit different legally in terms of protections from a manufacturers warranty; although I agree in practice most folks won't know the difference.
EU legal protections for consumers