Primarily a phrase used between the British and Americans, but generally can be used between one person from North America and another from Europe. In this case, the pond is the Atlantic Ocean. Uses include such phrases as "How are things across the pond?" and "I'm taking a quick flight across the pond on Tuesday, don't call me until I get to the hotel."

This phrase can be interpreted as mentally reducing the distance between North America and Europe. Since somebody using "across the pond" is saying that the distance between the two countries (for argument's sake, the United States of America and Great Britain) is small, that person regards the two countries as, of course, being close together. Though that statement sounds rather obvious, it makes sense if you think about it in a friendly sense. The US and Europe have always had a close bond, particularly the US and Britain. Although we kicked their asses over 200 years ago, the USA also helped them fight wars, and regards them as its best ally. Regarding someone as only being "across the pond" indicates an emotional bond, as you don't regard the other person as being too far away from you, despite the ocean and change separating you from him or her.