The EU has fairly good form in terms of passing common-sense tech laws (see; GDPR) so I'd be skeptical that this is any more than a dumb proposal destined for failure.
The Council and Parliament work like different chambers in the EU system, kinda like the Senate and the House in the US, but it's the prerogative of the Commission to propose new laws.
Elections work similarly in any European parliamentary system. Prime ministers are also indirectly elected in those systems.
The main difference is that the executive (the Commission) is the only one that can propose laws in the EU, but the other EU lawmakers can still amend legislation.
(just stating this for people reading the comments, not specifically for you)
They're approved by a much larger body of directly elected MEPs. That hasn't happened, yet. I'm interested to know how likely that really is.