You might need to force epsxe into PAL mode (in epsxe, Options->Country->PAL, in epsxecutor, quick configure the game, go to the options tab, and set the country to PAL). Assuming that doesn't fix it (you probably already have it set to PAL), it's probably an emulation bug; you might try forcing it to NTSC timing to see if it makes it better (or worse?).
I don't have the PAL version of FF7 (or, for that matter, any other game

so I can't test this, but at one point I was running the US version of ff7 at PAL timing because I thought the game was running too slowly otherwise (not slow as in framerate, slow as in game speed, particularly noticable with the music dragging out). That seemed to speed it up to where it belonged, but the openning movie was out of sync with the sound. At this point, I think Pete's and Lewpy's plugins both allow for manually setting the frame limit cap, so I've been meaning to test that one of these days.