well you're pretty much right on the money...it's actually a bit of both. it's a bit harder over here because there are no cadet schemes of any sort. there are no Oxford APP programs to place you within an airline at 250!!!!the US have showed a bit more promise in placing pilot's at only 600 hrs in a regional jet. usually through an affiliated school.....and most guys getting on have university degrees. actually it's a major requirement for the major carriers. in canada.........THAT DOESN'T HAPPEN!!!!!!!!!! most guys getting on at our regional carriers have well over 2500+++ with heavy turboprop time. to our flag carrier....well that's a different story!!!!!!!! for one thing...in canada education hasn't played that much of a role in pilot selection...however recently some would disagree.
now things are really starting to move in the cold white north. it's been pretty bad the last few years...but it's starting to turn around. again...turning around meaning you may be lucky to get a right seat job in a single or twin turbine...but definately not a regional or flag carrier.
my advice (for whatever it's worth) is if you have the money...stay in europe. attend an integrated school....flight instruct.....or pay for a type of some sort.
all the best
cheers