> A peer-approval system would work both ways. Europe would also take into account FDA decisions This doesn't seem like a given at all. Just because the FDA accepts EMA approvals wouldn't mean the EMA would accept FDA ones and as a European, I wouldn't want it to. I have a lot more trust in the EMA than the FDA.
Peer approval schemes are usually implemented as trade efficiency measures. A one sided peer approval would make it easier to import, while not making it easier to export, causing a delta trade deficit.
Obviously any authority that takes its job seriously makes decisions based on facts and not blind trust.