No, this can’t exist, because let face the fact: Some link capitalism and Democracy, I don’t
Yes that is a major major issue, hampering relationships between US and other democracies.

While in the US (and NA as a whole for that matter) Democracy means Capitalism that is certaintly not the case in all democracies. And just because some Countires dont have Capitalist Economical systems it does not mean that they are not Democracies.

even in the proposal we can see this:

Twenty-eight of the world’s thirty largest economies are democracies. The average annual income of people living in democratic societies is about $16,000, nearly three times greater than the average income of those living in non-democracies.
But they dont mention that in places where the average income is lower, rent is also lower, cost of services is also lower, education is free etc etc etc.

Now, about the EU, it is an economical power, at least it started as an economical proposition, it touk years to evolve to more, and it is heading towards more...such as political and military.

If the CoD started out as an economical union at first, without any political and military agenda that could be feasable in time.

But it proposes right off the bat, to be a political and military union with economical sideline. And it proposes for solutions to violate sovereignity. Which conveys teh mesage that there is some kind of intent to do so to any state that does not fit "our" way of doing things.

Concequently this creates an ethical dilema which may have very serious reprecautions.