Aristocracy is the correct word
> Lots of members with veto powers and the like.
Similar to the Political Bureau in former communist countries, but still an autocracy.
> But I wouldn't call it an autocracy.
It has most certainly started to walk and quack a lot like an autocratic duck, it wasn't the case 10 to 15 years ago, or not as visible, to say the least, but the pandemic and this recent war in Ukraine have changed that.
I'd go along with 'authoritarian' . But autocrat implies people holding on to power/ consolidating power outside the system.
The EC is still democratically chosen, albeit indirectly. There is no real sign (yet) of the stretching of term limits common for autocrats.
There is a lot wrong with the EU (the system). Opaque power structures, backroom deals, corruption. But I wouldn't call it an autocracy.