Let's put it this way, back in the 90's and 80's when the amount of foreign players in the English league was far less than what it was now, the 3 lions didn't exactly set the world on fire with their performance either. In fact i for one think the influx of foreign player and managers changed the technical aspects of the English style of play and game for the better.

But then again, the trend set forth by the Gunners in playing a team without any homegrown British Isle or English players is not a good thing as well in the long term. Like most have said, it a much deeper problem than just foreign imports.