From the European Commission transport website:
Towards an Open Aviation Area with the United States
EU/US negotiations will seek to replace existing agreements between individual Member States and the US with a single comprehensive EU/US agreement, establishing an "Open Aviation Area" between the two territories.
The negotiations will therefore cover all the arrangements governing air transport between and within the EU and US. This will include the rules governing market access (routes, capacity, frequency), how air fares are set, how to ensure effective application of competition rules, and how to ensure maintenance of high standards of airline safety and aviation security.
The negotiations will also address opening up each side’s internal market to the airlines of the other side. A key element in this will be the removal of the special restrictions which currently apply to foreign ownership and control of airlines in the US and the EU.
An OAA will produce a more competitive market than today, generating greater choice of services and lower fares for travellers while taking into account the need to maintain the security and safety of air travel.
It will give EU and US airlines complete freedom to serve any pairs of airports in the EU and US – EU airlines are currently only able to operate between their own Member State and the US and between airports within the EU. Relaxing restrictions on ownership and control will also make it easier for EU and US airlines to enter into mergers and take-overs with each other.
A report by US consultants, the Brattle Group, has estimated that an EU/US Open Aviation Area would generate upwards of 17 million extra passengers a year, consumer benefits of at least $5billion a year, and would boost employment on both sides of the Atlantic.