"Right now most decisions are taken by the Commission and the ECB, which are neither directly nor indirectly elected by the people. A bit more democracy would help here."
The ECB was modeled more or less after the German Central Bank who made the German Mark a huge success. There are good reasons to NOT make the central Bank "democratic" or a toy of politicians.
A great example of what you get when financial decisions made at the current political whim is the looming unfunded pension crisis in Chicago / Illinois, New Jersey. There are a lot of places right behind those as well. Super easy to make promises for when you no longer be around to deliver on... Esp if you need votes now.
Chicago and Illinois are terrible examples. Their collapse is due purely to graft and deals between insiders, and there has never been a change in whim. Financial decisions were made by unaccountable appointees for the benefit of their friends and relatives.
The ECB was modeled more or less after the German Central Bank who made the German Mark a huge success. There are good reasons to NOT make the central Bank "democratic" or a toy of politicians.