The EPC warning light in a Volkswagen means that there is a problem with the engine. The EPC warning light can be found in many cars and not just Volkswagen cars.
EPC stands for Electronic Power Control and it signals that the car needs to be repaired immediately. It should be fine and have enough power in order to drive to a dealer or car repair shop, but it should not be driven anywhere else. The vehicle's throttle might also be limited in power as a built-in mechanism to help protect the engine. This should be taken into consideration when driving.
Some Volkswagens have ESP in the car system. ESP is an Electronic Stability Program and it works by automatically turning the car off when it senses this problem. It will then flash its own indicator light in order to indicate the "off" condition of the car. Once the EPC light and problem is addressed within the car, the EPC and ESP lights will go off and the car will be drivable once again.