Actually there has been an ACCIDENT with a low hour F/O, namely the Gulf Air crash in BAH. I believe the F/O was very low time, and basically sat there while the captain flew the aircraft into the water. Incidentally, the Captain was very low time on the 320 and that was probably a factor...so argue as you choose.
However, I hold both FAA and JAA licenses (ATP and ATPL) with a CFI/II/MEI and FI. I teach in the US for a major european airline, and to be honest, both systems have ups and downs. However, thismajor european airline takes instrcutors with 200 hours dual for FAA guys, and raw for JAR license holders. I must admit that the JAA has a higher standard for circuit flying, while the FAA have a better IR program (if you do it in the twin). Ups and downs, thats all there is to it.