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europe. even after the end of the plan, us experts continued their missions to europe as industrial consultants, and european engineers continued to visit the united states for training. a good number of italian public administrators took advantage, including the bank of italy ’ s salvatore guidotti, who learned “ modern ” national accounts methods in washington. a number of management schools on the harvard pattern were founded in italy. two of the leading figures in the italian industrial renaissance, vittorio valletta and adriano olivetti, were influenced by this climate. us department of state, office of public affairs, current development report on european recovery, no. 3, 1948. today the european economic community is an established fact, the soviet adversary has dissolved, asia has stridden purposefully onto the world stage and other regions too are clamouring for a larger role. the economic supremacy of the united states remains, but now it must come to grips with a series of other economic power centres. how, and how profoundly, have these developments affected the interdependence between the economies on the two sides of the atlantic? let us examine the facts. economic interdependence must be assessed in three respects : the real economy ( trade and direct investment ) ; the financial economy ; and economic policy ( reciprocal influence and cooperation ). 2. trade and foreign direct investment 2. 1 on trade. first, a premise : both the us and europe were and are still relatively “ closed ” economies. for the united states, foreign trade in goods represents scarcely a fourth of gdp today. the openness of today ’ s 27 - member european union is of about the same order of magnitude. however, this similarity conceals significant differences in trend. the united states built its internal market much earlier than europe, in the nineteenth century ; and even in the 1950s and 1960s american foreign trade was much more modest than now, accounting for just one tenth of gdp. the dynamics was very different. the us were a closed economy with a predominant internal market until recently. the single countries of europe were much more open versus the us than vice versa before european integration. as this took off the ground, the internal market replaced external trade. america ’ s “ discovery ” of the importance of the world around it is historically recent. it has been fostered by globalization and spurred by the deficit of domestic saving. but the secular dominance of the us domestic market makes american firms and policymakers alike primarily inward - looking. europe does still consist of