Don`t worry, don`t worry
First, there must be an institution of the president of EU. And honestly speaking, there`s already a whole big bunch of old *****s who are far from reality and would be willing to take the office so, considering this, Blair is perhaps the best among the bad candidates.
Again, to best honest: EU is not that bad but it really lacks two things: effective executive power and democracy - these guys high there are just bureaucrats that are not elected by the people and that`s NOT ok.