Forgive my ignorance...
...but
AFAIK the EP cannot introduce EU regulations - it can only make recommendations to the Council. The members of the council are "just" national ministers, and need therefore - just as members of the Comission - not to be elected, merely appointed.
I wouldn't worry - the appointed (as opposed to the elected) will yet save us - they have national votes to think about, and nobody wants to be the one to sell price-hike-legislation to their national electorate.
Sad - that we look to the appointed for rescue, while the elected are bypassed. The above structure is what makes the EU undemocratic, not the elected MEPs!
Therefore, not necessarily the end of the world as we know it - but I could be wrong...
