According to some friends from PanAir/TNT, "November " registered aircraft will no longer fly intra european routes, as per EU law coming into force. I believe all american pilots will have to get an EASA full ATPL licence as well as a european passport in order to continue to fly in Europe. Otherwise they'll have to go back to America or wherever. Game is over. Tic tac tic tac.
Maybe that is why fedex is trying to buy european airlines, so that they can get european pilots (and cheaper than fedex pilots), under european contract, european tax and EASA regulation. Who knows.