I am an Aussie physio working in England and I would have to say, having regularly supervised students here, that the courses ain't that great generally, and though I don't know much about European courses I doubt they are less of a qualification in any way, it's just bureacracy. Though the Aussie course is well respected and 4 years long I still had to do mountains of paperwork to get registered (though no adaption period).
And I know there are exams, etc to get into Oz as a physio, but I think it is slightly more reasonable considering the course is longer than most countries, and in oz (when I was there at least) physiotherapy is almost as hard to get into as medicine, so the calibre of students is very high (usually). Half of the students I get here would never survive an Aussie course.
Hope that isn't too controversial, just treat it as bureacracy and let it swoosh over your head - if you plan to work in the NHS for long you will need to learn that!