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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, 16 March, 2023
      Martin Sandbu
      The Silicon Valley Bank fallout makes the case for digital currencies Premium content

      If we think all deposits must be safe, what is the point of banks?

    • Thursday, 9 March, 2023
      Martin Sandbu
      Chasing Russia’s shadow reserves Premium content

      If you were Putin, where would you put your hard currency energy revenues?

    • Tuesday, 7 March, 2023
      Martin Sandbu
      Examining Russia’s unsanctioned cash pile Premium content

      ‘Shadow reserves’ from energy earnings undermine restrictions on central bank

    • Thursday, 2 March, 2023
      Martin Sandbu
      What to do with Russia’s blocked reserves Premium content

      Legal arguments over confiscating central bank assets must be economically literate

    • Tuesday, 28 February, 2023
      Martin Sandbu
      There is too much we don’t know about Russia’s central bank reserves Premium content

      Ignorance is not bliss in sanctions policy

    • Thursday, 23 February, 2023
      Martin Sandbu
      If you want peace in Ukraine, double down on (economic) war Premium content

      There is more — much more — that can be done with sanctions against Russia

    • Thursday, 9 February, 2023
      Martin Sandbu
      Bold (but not crazy) solutions to Britain’s growth problem Premium content

      The three simplest steps the UK could take that would make a real difference

    • Thursday, 2 February, 2023
      Martin Sandbu
      The bad news in the good economic news Premium content

      Evidence is accumulating that tightening is not a good idea, but the IMF is not for turning

    • Thursday, 26 January, 2023
      Martin Sandbu
      Norway’s exodus of billionaires Premium content

      Making sense of the world’s least important migration crisis

    • Thursday, 19 January, 2023
      Martin Sandbu
      Bank of Japan 2 — Markets 1 Premium content

      Governor Haruhiko Kuroda and his colleagues are right to keep yield curve control in place

    • Thursday, 12 January, 2023
      Martin Sandbu
      Reasons for confidence in the euro Premium content

      More nuanced thinking on both the currency and its inflation prospects

    • Thursday, 5 January, 2023
      Martin Sandbu
      When wage inflation is good for you Premium content

      And some New Year readings on the biggest economics themes affecting us

    • Thursday, 15 December, 2022
      Martin Sandbu
      The west must massively upgrade its financial commitments to Ukraine Premium content

      The country’s friends are inching towards accepting the magnitude of the challenge — but too slowly

    • Thursday, 8 December, 2022
      Martin Sandbu
      Where next for Europe’s industry? Premium content

      More evidence that factories have weathered the energy crisis well

    • Thursday, 1 December, 2022
      Martin Sandbu
      What energy crisis? European industry is showing its adaptability

      Manufacturing output remains strong across most of the EU

    • Thursday, 24 November, 2022
      Martin Sandbu
      The wealthy who like the idea of a wealth tax Premium content

      The moneyed classes are beginning to think governments have been too kind to them

    • Thursday, 17 November, 2022
      Martin Sandbu
      It’s the economy, stupid (but not as we thought) Premium content

      Their surprisingly good midterms should make US Democrats appreciate Bidenomics

    • Thursday, 10 November, 2022
      Martin Sandbu
      The EU begins to grasp its fiscal nettle Premium content

      New proposal accepts that budget rules must complement politics, not substitute for it

    • Thursday, 3 November, 2022
      Martin Sandbu
      ‘Obvious truths’ about inflation that are nothing of the sort Premium content

      It ain’t what you don’t know that gets you into trouble. It’s what you know for sure that just ain’t so

    • Thursday, 27 October, 2022
      Martin Sandbu
      How to make the UK’s budget maths add up Premium content

      Spending cuts are far from the only option

    • Thursday, 20 October, 2022
      Martin Sandbu
      How (not) to intervene in energy prices Premium content

      There are ways to prevent hardship that are both cost-efficient and keep the incentive to save energy

    • Thursday, 13 October, 2022
      Martin Sandbu
      The post-pandemic recovery has been officially cancelled Premium content

      Taking on some lazy arguments for monetary tightening

    • Thursday, 6 October, 2022
      Martin Sandbu
      The economic policy paradigm shift continues apace Premium content

      IMF-World Bank meeting shows the previous hands-off consensus is still being left in the dust

    • Thursday, 29 September, 2022
      Martin Sandbu
      What we can learn from the past week’s market ructions Premium content

      The UK market panic reveals more about challenges to monetary than fiscal policy

    • Thursday, 22 September, 2022
      Martin Sandbu
      How I learnt to stop worrying about public debt and inflation Premium content

      Some economic arguments for benign neglect

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