Apparently it will, Article 7 of the Cover Regulation states:
"Applicants for Part–FCL licences and associated ratings or certificates already holding at least an equivalent licence issued in accordance with ICAO Annex 1 by a third country shall meet all the requirements of Part–FCL, except that the requirements of course duration, number of lessons and specific training hours may be reduced.
The credit given to the applicant shall be determined by the competent authority of the Member State to which the pilot applies on the basis of a recommendation from an approved training organisation."
In fact, the credits could be even greater than they are under JAR-FCL if an ATO so recommends and the Authority agrees.
How would that sit in the context of converting an FAA CPL/
IR?
EASA appears to offer no way out of the 14 exams.
Surely converting just a CPL is a chocolate teapot.
If this is the full story, all it will take is just one EU country to offer a lenient acceptance and the whole conversion business will just pile in there. 5000 euros? Cheap at twice the price, Sir! Ryanair flies pretty cheaply to some places in the Balkans
I can't wait.