As its name implies it was hoped to encourage participation from the United States and Europe, but ultimately the handful of races which ran under the formula all took place in Great Britain, and only for one year.
In late 1958, the CSI, the regulatory body for motor-sport, announced new regulations for Formula One, to be introduced in 1961.
British F1 constructors, unhappy with the new regulations which they felt favoured manufacturers such as Ferrari and Honda, developed plans for an alternative series which was effectively a continuation of the existing F1 regulations, with the limit on engine size increased from 2.5 litres to 3 litres.
Although Ferrari had expressed an interest in the Intercontinental formula, in 1960 they announced that they would be committing to the new F1 regulations.
Despite their initial opposition to the new Formula One, British manufacturers, particularly Lotus, would eventually dominate the five years of the 1.5 litre era, winning 36 out of the 47 races and taking three of the five Constructors' Championships.