To 172driver: As far as I know, all European JAA licenses are valid in other JAA countries. So a Belgian/UK/German/French/(...) JAA PPL holder can go to any club in Spain and rent an A/C without any formalities (apart from the usual check ride, off course...).
Yes, you are correct - although this wasn't really your question
For the past year, I have written numerous letters and emails to several national authorities. I want to make them understand that - according to the ICAO treaty - they have to recognize an FAA PPL as equal to a JAA PPL. But few countries comply to this rule and they refuse to accept an American License. It's a long road ...
LimaRomeo, you are a brave soul
Indeed, legally you are probably correct, but.... let us know how you get on, might be worth organizing an online petition here. Let's see (and hope against hope) how EASA will treat the issue.
Also, a list of countries that actually DO accept an FAA license (and under which conditions, e.g. VFR / IFR, etc) would be a great idea.