No IR conversion routes have been published.
So if a 20,000hr US ATP wants an EASA IR, he will have to sit all the exams and fly the full course.
The present "15hr" IR conversion route is not included in the proposal.
No, it doesn't make sense to me, either.
I was told by a very senior EASA official that they are playing this hardball game to drag the FAA to the table, to sign a bilateral license recognition treaty. IMHO this is grossly misguided, because the FAA already practically gives away its licenses to any foreigner wanting to fly an N-reg in its airspace, and thus sees no reason to sign a treaty to allow the use of foreign licenses in its airspace.
I predict a humiliating climbdown by EASA, at the last minute of course. But we may get some legal c0ckup...