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Free Lunch

Global economics briefing

Martin Sandbu’s Free Lunch is the FT’s weekly newsletter on the global economic policy debate. Free for premium subscribers, it is sent out every Thursday lunchtime in Europe, and offers a spirited opinion on the latest commentary and stories.

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  • Thursday, 21 September, 2023
    Martin Sandbu
    What next for Europe’s sanctions on Russia? Premium content

    The EU must confront its €300bn question

  • Thursday, 14 September, 2023
    Martin Sandbu
    (Mis)remembering Chile’s military coup Premium content

    There is no economic justification for abandoning democracy

    Soldiers positioned on a rooftop fire at Chile’s presidential palace on September 11 1973 during the military coup
  • Thursday, 7 September, 2023
    Martin Sandbu
    In green tech, overcapacity is a boon Premium content

    We cannot produce too much of the stuff that will help us decarbonise

    A female employee assembled lithium-ion battery modules at a BMW manufacturing plant
  • Thursday, 31 August, 2023
    Chris Cook
    The paperwork problem with the Russian oil price cap Premium content

    Moscow is benefiting from bad mechanism design

    Tanker wagons at an oil terminal in russia
  • Thursday, 24 August, 2023
    Claire Jones
    The link between Meloni’s windfall tax and the ECB’s bloated balance sheet Premium content

    Central bank’s own actions may have set in motion chain of events that led to governments’ decisions to levy their lenders

    The European Central Bank
  • Thursday, 17 August, 2023
    Martin Sandbu
    Debt overhang economics with Chinese characteristics Premium content

    Beijing should avoid the mistakes the west makes again and again — but it probably won’t

    Construction cranes in Shanghai with the city landscape stretching into the background
  • Thursday, 10 August, 2023
    Martin Sandbu
    Universalism, hypocrisy and European identity Premium content

    Remedy for the flaws of ‘Europeanness’ is to have more of it

    Pedestrians on a street in  Frankfurt, Germany
  • Thursday, 3 August, 2023
    Martin Sandbu
    Free Lunch summer reading Premium content

    Good writing on economic phenomena that affect us all

    A close-up picture of a Covid jab being administered into a person’s arm
  • Thursday, 27 July, 2023
    Claire Jones
    Swifties are a symptom of years of low interest rates Premium content

    The after-effects of aggressive monetary easing are proving as sticky as inflation

    Taylor Swift performing at her concert
  • Thursday, 20 July, 2023
    Martin Sandbu
    There is more slack in labour markets than we think Premium content

    If economies have been overheating, why are average hours worked so weak?

    Workers at a car manufacturing plant in Germany
  • Thursday, 13 July, 2023
    Martin Sandbu
    Ethical consumers and the brave new trade policy Premium content

    Caring about production methods does not violate free trade. It is required by it

    A deforested part of the Amazon rainforest
  • Thursday, 6 July, 2023
    Martin Sandbu
    What if there is nothing central banks can do about inflation? Premium content

    Except for making things worse after it goes away by itself

    A party boat passes the European Central Bank building in Frankfurt, Germany
  • Thursday, 29 June, 2023
    Martin Sandbu
    How to act if you mean it when you say ‘Russia must pay’ Premium content

    Most countries’ timid approach to Moscow’s state assets verges on hypocrisy

    A girl with the Ukrainian flag covered around her shoulders walks outside a partially destroyed building
  • Thursday, 22 June, 2023
    Martin Sandbu
    Ukraine and its partners are beginning to win the peace Premium content

    In contrast with last year’s shambles, solid planning for rebuilding a modern European country is well under way

    A child holding a Ukrainian flag runs in front of a destroyed culture centre building
  • Thursday, 15 June, 2023
    Martin Sandbu
    Fiscal policy is about to change beyond recognition Premium content

    We must prepare — institutionally and politically — for the permanently higher state investments new times require

    House speaker Kevin McCarthy, left, with US president Joe Biden, right, in the Oval Office at the White House
  • Thursday, 8 June, 2023
    Martin Sandbu
    Corralling Moscow’s foreign wealth Premium content

    Sanctions are squeezing Russia’s net export earnings — now target the surpluses accumulated since last year

    The gates and building of the Central Bank of Russia, Neglinnaya Street, Moscow
  • Thursday, 1 June, 2023
    Martin Sandbu
    The case for ‘team transitory’ lives on Premium content

    New research shows that one-off temporary disruptions account for most of the inflation we see

    Elderly shoppers at a fruit and vegetable stall in Barcelona
  • Thursday, 25 May, 2023
    Martin Sandbu
    The other economic security threat from China Premium content

    The west could find itself held back by a Chinese economy that’s too weak, not too strong

    Commuters crossing an intersection in Beijing
  • Thursday, 18 May, 2023
    Martin Sandbu
    The right response to AI is more mundane than existential dread Premium content

    Drop the angst for humanity’s future and roll up your regulatory sleeves

    A visualisation of an artificial intelligence neural networkd
  • Thursday, 11 May, 2023
    Martin Sandbu
    Ukraine’s animal spirits vs missile attacks, 1-0 Premium content

    Plus, a good idea for how to finally make our banking system safe

    A woman removes debris from houses destroyed by a Russian military strike
  • Thursday, 4 May, 2023
    Martin Sandbu
    We have gone back to bailing out the banks Premium content

    Any case for saving business payroll accounts does not justify protecting multibillion deposits of megabanks

    People walk past the First Repubic headquarters in San Francisco
  • Thursday, 27 April, 2023
    Martin Sandbu
    Dispatch from Kyiv: spring returns to Ukraine’s economy Premium content

    Some important and under-recognised truths about Ukraine even as Russia’s war rages on

    A cyclist and pedestrians in Kyiv
  • Thursday, 20 April, 2023
    Martin Sandbu
    The latest from the guardians of economic policy orthodoxy Premium content

    Highlights from the publications of the World Bank-IMF spring meetings

    A vegetable seller weighs carrots at a local market
  • Thursday, 13 April, 2023
    Claire Jones
    The EU must be more ambitious in its response to climate change Premium content

    The three Ts solution: triage, time and trillions

    Solar panels and a wind turbine in Germany
  • Thursday, 6 April, 2023
    Claire Jones
    When do banking failures matter for the economy? Premium content

    The past does not provide us with all the answers, but it offers some guidance

    People stand outside the Silicon Valley Bank in California
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