Talks between the JAA and FAA about a bilateral licensing agreement have been going on for over 5 years. By all accounts, the two sides are further apart now than when they started thanks, mainly, to the intransigent attitude of one or two JAA members. A report from one of the (US) attendees at the last meeting suggests that the FAA is on the point of giving up and walking away.
The UK has a long-standing bilateral agreement (BASA/SIP) with the FAA for the qualification of STDs but this is not recognised by most of the JAA.
In short, Jimmy, I wouldn't hold your breath whilst waiting for this to happen