Not quite, while Inter has always had a more international flavour, when you look at the next 5 teams, there is quite a bit of italian talent.
youth development is a huge issue in england, and one that needs to be addressed. I for one was unhappy when they lifted the limit on foreign players with the whole EU thing, it has been bad for england. there was not a dilemma like england is in now, going back to 80s and 90s.
However all is not dark, in european u21 championships, for all the lovefest people have to spain and portugal, england did make it to semifinals in 2007 and finals in 2009. something the national team has not been able to do, so the gulf is in developing the u21s the way others have done in the next phases in their careers.