Uh, Dude, this is not giving up bureaucracy. This is increasing bureaucracy, this is giving up your DEMOCRATIC vote. You will have NO say in the laws. You will not get to vote for representatives who make laws. You will not get the right to vote representatives out of office who make laws you think are wrong. Once laws are made by the EU, there is NO process to have them repealed. The people who make the laws aren't voted for.
So, it's pretty much giving up any sense of having a say in how the government works. Just be a good little boy, give us the taxes, let us have our money, and trust us to do good by you. Be happy that you have a safe zone.