One explanation for the anti-democratic nature of the European Union, from a piece in the Library of Law and Liberty:

The debts of some countries in the so-called union are the credits of others, and while the former would like either to mutualise the debts, so that much of the burden of repaying them fell on those to whom the money was owed, or alternatively to inflate the debts away, the creditors would like no such thing. They do not want to pay twice, first as lender, then as debtor; nor would they like to see their hard-earned money melt into the worthless paper of hyper-inflated banknotes of value only to collectors a hundred years hence. These are differences difficult to reconcile; and in a democratic state, the debtors, being more numerous, would easily outvote the creditors. In present circumstances, then, the creditors could not tolerate a democratic state: Europe for them must remain an unrepresentative administrative entity, with no connection whatever to the will of the people.