ME degree "ratification" for EU and AUS?

[TurbulentFluid]

I'm presently living in an Eastern European country, and will soon graduate in Mechanical engineering. Our schooling system makes this a 9 semester college course (4.5 years) which earns you a title of a "dipl.ing." (simmilar as Austria, I think). We recently accepted the Bologna modification system with ECTS points and graduation system but it didn't affect me in any way. However, according to that system, my degree would count as MS. In practice, this means that, after this year's freshmen graduate (5 years from now), I'll be able to get a MS degree in my country without taking any additional courses.

As I'm considering leaving country, I'm wondering if my degree will be accepted and ratified in EU or AUS, and as what kind of a degree (MS degree or a BA degree?) Also, what is the process of getting your degree ratified?