What? The European parliament *is* elected by the people and they have the final say over what the European Commission legislates. The head of the European Commission is appointed by the Council of Europe which is composed of (surprise, surprise) the governments of the respective European member states. The European Commissioners even have to be approved by the European Parliament.
Where is the democratic deficit in that?
Moreover, European officials are told to leave their national special interests at the door and work for the European people as a whole.
Economic integration requires common legislation. At least the bureaucrats were recruited based on skill based selection procedures. Most probably, they are better qualified than the populist idiots in the national parliaments.
Ever heard about BiCMOS processes? Integrated circuitry packing CMOS for logic/DSP purposes along with BJT based blocks for RF or stuff such as low-jitter drivers for long haul optical communication lasers?
I'm afraid the accuracy of the predictions are the least relevant thing here, they are merely a political tool on behalf the bank. Don't believe me? This bank sponsored (until very recently) a political party of its own, which made its way into the Danish parliament. They, too, are Ayn Rand worshippers and their whole anarcho-libertarian view lines up very well with those of the bank's founders.