I will not delve in detail into which FFP could be more or less useful for you; I'm sure other users have a better overall view, since I am mostly focused on AZ.

There is just one thing you should be aware of, since you mention economy travel in Europe: several AF tariffs (namely the MINI tariff) are very economic but grant no miles; keep that in mind when choosing the company you will fly with as you may have some very bad surprises.

Also, re. awards, if you choose to go with AZ it will be close to impossible to reserve online award flights, unless you choose very basic flight (point to point) operated by AZ itself. Forget about multi city itinerary or, even worse, multi carrier flights.
We all hope Etihad will take the current website and move it from the 90s to a more modern site.