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Works both ways. I somehow doubt you would ever see Southwest flying routes in Europe. The EU wouldn't allow it. Same applies here.
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Gromit,
WRONG! The EU has pressed the US repeatedly to open up both markets. In negotiations which recently lead to further deregulation of the transatlantic market, the EU pressed the US to simply open up both markets. They are comparable in size (Europe is slightly larger in population, slightly smaller in revenue per KM), and the suggestion was simply to allow any US airline compete directly in Europe, in any market at any time, including cabotage. This was rejected by the US after significant pressure from Congress. The ownership rules were recently modified, but remain very tight, and infact Virgin America's launch was delayed repeatedly by issues relating to ultimate ownership rules.
The US airlines lobby hard and pay good money for that kind of protection. The US market would benefit massively from some foreign competition.