Brexit caught everybody by surprise and prominent economists were no exception: Krugman called it a “tragic development,” Sachs “a watershed moment,” and Reinhart equated Brexit to “a blow to globalisation.” Uncertainty about the impacts of Brexit on the UK economy is large, but larger still is that regarding what happens to the European Union. In this seminar we will present econometric evidence on the magnitude and dynamics of the net benefits from EU membership as well as on the main channels and mechanisms that have shored up these benefits.