Having done the JAA exams etc, this doesn't make personally very happy. But in way it might be better. It all depends on how the bridging exams are going to be like. There is quite a difference in approach between Europe and the US, Canada, Australia. The best thing would be a universal license for the whole world. Wait a minute wasn't that where ICAO was for!?
Controller
Unfortunately there is NO flight training industry anymore in the UK. Oxford has ceased CPL training and I heard Cabair quit as well. Name me some schools that still do ab-initio CPL(H) training. I personally consider this a very, very serious.
The market won't be flooded with American pilots, they need work permits like we need them for the US. There is a pilot shortage in the US and it's most unlikely that we will have a lot of Americans over here. European going over to the US to train professionaly are not that many as well. I know HAI is limited to 80 J-1 visa a year and Hillsboro doesn't get that many by far. So that means for all of Europe there might be 120 CPL's coming back every year. The 40 or so from Hillsboro are all German/Austrian. So it's not large numbers we're talking about.
If the JAA system would change a bit, in the direction of the FAA system, maybe we could start training more ab-initio CPL's in this country.