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In this paper analysis of interconnected dynamical systems is considered. A framework for the analysis of the stability of interconnection is given. The results from Fax and Murray that studies the SISO-case for a constant interconnection matrix are genralized to the MIMO-case where arbitrary interconnection is allowed. The analysis show existness of a separation principle that is very useful in the sense of the simplicity for stability analysis. Stability could be checked graphically using a Nyquist-like criterion. The problem with time-delays and interconnection variation and robustness appear to be natural special cases of the general framework, and hence, simple stability criteria are derived easly.