During the end of the 2010s, negative attitudes and skepticism regarding trade openness, market liberalization, and global integration intensified in Europe and the USA. One example of such debate and development was a part of the Brexit process concerning European market integration.

In 2018, a study named “Revisiting the cost of non-Europe” was published using the gravity equation as a foundational research tool. The study analyzed regional and bilateral trade values, factoring in export and import propensities of countries, historical affiliations, and the evolution of regional and bilateral trade overheads. Special attention was given to regional accords, particularly those associated with Europe.

The findings were revealing and very interesting. According to the study, the European Union had a monumental influence on trade dynamics, mainly due to its intricate regulations regarding trade barriers. The EU's Single Market, dedicated to the free movement of goods, services, capital, and labor, was presented as a powerful advocate for trade integration.

According to the study, this framework ensures that service liberalization accelerates goods trading, and the ease of labor mobility bolsters the provisions and exports of services. While quantitatively, the EU's initiatives have amplified trade in goods among member states by 109%, while services have been boosted by 58%. Welfare benefits from such trade integration have increased by an average of 4.4% across European nations.

However, the study also states that the gains were not uniformly distributed. For example, smaller economies and Eastern European countries, exemplified by nations like Hungary, have witnessed more substantial benefits. And for the study, the process made things more complicated since the results stated that the UK's decision to leave the union would potentially reduce the welfare gains of the remaining nations by an average of 0.5%.

The primary focus is on trade integration, leaving out aspects like the monetary union, non-economic benefits, and the dynamics of the free movement of capital and labor. There's also no emphasis on the potential advantages of a consolidated provision of public goods at a supranational level or insights into dynamic gains. The study demystifies the multifaceted advantages of trade bolstered by European integration, emphasizing the pivotal role of the EU's Single Market and the varied impacts across member states.

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