Martin Sandbu

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src=https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2Fuploaded-files%2FMartin_Sandbu-28ef39d5-4a4a-47dc-bdbf-f009445b17c2.png?source=next-stream-page&width=200&height=200&quality=highest> </div> <h2 class="sub-header__strapline"> European Economics Commentator </h2> <div class="sub-header__description"><p>Martin Sandbu is the Financial Times's European economics commentator. He also writes <a href="https://www.ft.com/free-lunch" target="">Free Lunch</a>, the FT's newsletter on the global economic policy debate. He has been writing for the FT since 2009, when he joined the paper as economics leader writer.</p><p>Before joining the FT, he worked in academia and policy consulting. He is the author of three books, on business ethics, the euro, and on the economics of belonging.</p><p>Sign up to the Free Lunch newsletter <a href="https://ep.ft.com/newsletters/subscribe?newsletterIds=56388465e4b0c3d64132e189" target="">here</a>.</p></div> <div class="sub-header__content--links"> <a href="mailto:martin.sandbu@ft.com" class="sub-header__content__link sub-header__content__link--email-address" data-trackable="send-email" > <i></i> <span>Email Martin Sandbu</span> </a> <a target="_blank" href="https://twitter.com/MESandbu" class="sub-header__content__link sub-header__content__link--twitter-handle" data-trackable="twitter-page" > <i></i> <span>@MESandbu</span><span class="o-normalise-visually-hidden">  on Twitter (link opens in a new browser window)</span> </a> </div> </div> </div> </div> </div> <div role="main" id="site-content" data-concept-id="a721c8d7-f1ee-4e80-b4d7-7bf68bc2b651"> <div class="o-grid-container"> <div class="o-grid-row"> <div class="js-track-scroll-event" id="stream" data-o-grid-colspan="12 L8" > <div data-trackable="stream" class="o-teaser-collection o-teaser-collection--stream"> <ul class="o-teaser-collection__list js-stream-list" data-stream-list aria-busy="false"> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2025-03-13T11:00:37.183Z">Thursday, 13 March, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="45083bd7-6bd4-4d54-826e-dcc5901c3962" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image o-teaser--opinion js-teaser" data-id="45083bd7-6bd4-4d54-826e-dcc5901c3962"><div class="o-teaser__content"><div class="o-teaser__meta"><span class="o-teaser__tag-prefix">Free Lunch</span><a class="o-teaser__tag" data-trackable="teaser-tag" href="/eu-defence" aria-label="Category: EU defence">EU defence</a></div><div class="o-teaser__heading"><a href="/content/45083bd7-6bd4-4d54-826e-dcc5901c3962" data-trackable="heading-link" class="js-teaser-heading-link">Europe, stronger together</a><span> <span class="o-labels o-labels--premium o-labels--content-premium">Premium</span><span class="o-normalise-visually-hidden"> content</span></span></div><p class="o-teaser__standfirst"><a href="/content/45083bd7-6bd4-4d54-826e-dcc5901c3962" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">With wise policy, rearmament can for once be a source of unity rather than division</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="45083bd7-6bd4-4d54-826e-dcc5901c3962" data-myft-ui="saved" action="/myft/save/45083bd7-6bd4-4d54-826e-dcc5901c3962" data-js-action="/__myft/api/core/saved/content/45083bd7-6bd4-4d54-826e-dcc5901c3962?method=put" data-myft-ui-save-config=""> 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class="o-teaser__image-placeholder" style="padding-bottom:56.2000%;"><img class="o-teaser__image o-lazy-load" data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2Fa9662aae-4b9b-4639-9de1-97e2fcf97727.jpg?source=next&fit=scale-down&dpr=2&width=240" alt="Technicians work on assembling a Leopard battle tank at the Rheinmetall facility in Germany"/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2025-03-09T05:00:17.605Z">Sunday, 9 March, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="792ae6c9-57dd-45f8-b84d-a68b02d4edf7" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image o-teaser--opinion js-teaser" data-id="792ae6c9-57dd-45f8-b84d-a68b02d4edf7"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/german-economy" aria-label="Category: German economy">German economy</a></div><div class="o-teaser__heading"><a href="/content/792ae6c9-57dd-45f8-b84d-a68b02d4edf7" data-trackable="heading-link" class="js-teaser-heading-link">Berlin’s about-turn can get Europe more bang for the buck</a></div><p class="o-teaser__standfirst"><a href="/content/792ae6c9-57dd-45f8-b84d-a68b02d4edf7" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Even Germany’s frugal friends are undergoing policy and sentiment shifts</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="792ae6c9-57dd-45f8-b84d-a68b02d4edf7" data-myft-ui="saved" action="/myft/save/792ae6c9-57dd-45f8-b84d-a68b02d4edf7" 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</span></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/792ae6c9-57dd-45f8-b84d-a68b02d4edf7" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2766%;"><img class="o-teaser__image o-lazy-load" data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F0c260312-f5fc-4878-b520-5a4724fb2466.jpg?source=next&fit=scale-down&dpr=2&width=240" alt="Leader of Germany’s Christian Democratic Union Friedrich Merz"/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2025-03-06T11:00:17.305Z">Thursday, 6 March, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="4c15d3b7-cb0c-44bd-aa70-57672c38da31" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image o-teaser--opinion js-teaser" data-id="4c15d3b7-cb0c-44bd-aa70-57672c38da31"><div class="o-teaser__content"><div class="o-teaser__meta"><span class="o-teaser__tag-prefix">Free Lunch</span><a class="o-teaser__tag" data-trackable="teaser-tag" href="/eu-defence" aria-label="Category: EU defence">EU defence</a></div><div class="o-teaser__heading"><a href="/content/4c15d3b7-cb0c-44bd-aa70-57672c38da31" data-trackable="heading-link" class="js-teaser-heading-link">Making Europe’s defence spending great again</a><span> <span class="o-labels o-labels--premium o-labels--content-premium">Premium</span><span class="o-normalise-visually-hidden"> content</span></span></div><p class="o-teaser__standfirst"><a href="/content/4c15d3b7-cb0c-44bd-aa70-57672c38da31" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Where there is a will (to boost military capabilities), there is a way</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="4c15d3b7-cb0c-44bd-aa70-57672c38da31" data-myft-ui="saved" action="/myft/save/4c15d3b7-cb0c-44bd-aa70-57672c38da31" data-js-action="/__myft/api/core/saved/content/4c15d3b7-cb0c-44bd-aa70-57672c38da31?method=put" data-myft-ui-save-config=""> <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Article saved in My FT." data-unpressed-text="Removed article from My FT." ></div> <button type="submit" class="n-myft-ui__save-button-with-icon" data-trackable="save-for-later" title="Save Making Europe’s defence spending great again to myFT for later" aria-label="Save Making Europe’s defence spending great again to myFT for later" data-alternate-label="Making Europe’s defence spending great again is Saved to myFT" 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data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F6981f06a-3ae7-4d97-8273-454148e61011.jpg?source=next&fit=scale-down&dpr=2&width=240" alt="The facade of Russia's central bank headquarters in Moscow, framed by ornate black ironwork"/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2025-02-23T16:00:32.945Z">Sunday, 23 February, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="86ecbc4a-c9f7-464f-8cb4-7781fad1e0f4" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image o-teaser--opinion js-teaser" data-id="86ecbc4a-c9f7-464f-8cb4-7781fad1e0f4"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" 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aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2177%;"><img class="o-teaser__image o-lazy-load" data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F8f387f5c-0824-4e3f-84fb-98a518dd1b5d.jpg?source=next&fit=scale-down&dpr=2&width=240" alt="United States Vice-President JD Vance addresses the audience during the Munich Security Conference"/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-stream-item> <div class="o-ads o-ads advert advert--instream" data-o-ads-targeting="pos=top;" data-o-ads-center="true" data-o-ads-label="false" data-o-ads-formats-small="MediumRectangle,Responsive,OneByOne" data-o-ads-formats-medium="MediumRectangle,Responsive,OneByOne" data-o-ads-formats-large="false" data-o-ads-formats-extra="false" 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class="js-teaser-heading-link">Myths of Europe’s overregulation</a><span> <span class="o-labels o-labels--premium o-labels--content-premium">Premium</span><span class="o-normalise-visually-hidden"> content</span></span></div><p class="o-teaser__standfirst"><a href="/content/1d059c5a-56ab-4dc2-a022-03c63708322e" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Remember the good as well as the bad and the ugly</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="1d059c5a-56ab-4dc2-a022-03c63708322e" data-myft-ui="saved" action="/myft/save/1d059c5a-56ab-4dc2-a022-03c63708322e" data-js-action="/__myft/api/core/saved/content/1d059c5a-56ab-4dc2-a022-03c63708322e?method=put" data-myft-ui-save-config=""> <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Article saved in My FT." 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With Sergei Guriev</a></div><p class="o-teaser__standfirst"><a href="/content/c68d5c8a-cd5b-460a-be05-58c24cd9070e" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">How long can Russia fund a war in Ukraine?</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="c68d5c8a-cd5b-460a-be05-58c24cd9070e" data-myft-ui="saved" action="/myft/save/c68d5c8a-cd5b-460a-be05-58c24cd9070e" data-js-action="/__myft/api/core/saved/content/c68d5c8a-cd5b-460a-be05-58c24cd9070e?method=put" data-myft-ui-save-config=""> <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Article saved in My FT." data-unpressed-text="Removed article from My FT." ></div> <button type="submit" class="n-myft-ui__save-button-with-icon" data-trackable="save-for-later" title="Save The real Russian economy. 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data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F151c21fb-509d-4daf-b4e8-a35fe93b97d9.jpg?source=next&fit=scale-down&dpr=2&width=240" alt="Elon Musk, wearing a ‘Make America Great Again’ cap, speaks while standing in the Oval Office next to Donald Trump, who is seated at the Resolute Desk, smiling and listening"/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2025-02-09T12:00:40.923Z">Sunday, 9 February, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="fce3f663-c6fd-4cc6-90db-ea764da2262b" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image o-teaser--opinion js-teaser" data-id="fce3f663-c6fd-4cc6-90db-ea764da2262b"><div 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data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2Ffe984196-a39e-4d60-beaf-3ef9ca03b123.jpg?source=next&fit=scale-down&dpr=2&width=240" alt="Protesters stand near the White House, holding American flags and signs that read "Release federal funds, keep America safe + healthy" and "Unfreeze the federal funds now.""/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2025-01-26T12:00:51.666Z">Sunday, 26 January, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="05a41924-b5be-41dd-aaae-89121b4ac146" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image o-teaser--opinion js-teaser" data-id="05a41924-b5be-41dd-aaae-89121b4ac146"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/global-trade" aria-label="Category: Global trade">Global trade</a></div><div class="o-teaser__heading"><a href="/content/05a41924-b5be-41dd-aaae-89121b4ac146" data-trackable="heading-link" class="js-teaser-heading-link">Europe should stop panicking and seize the opportunities Trump offers</a></div><p class="o-teaser__standfirst"><a href="/content/05a41924-b5be-41dd-aaae-89121b4ac146" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">It is time for the EU to get down to business</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="05a41924-b5be-41dd-aaae-89121b4ac146" data-myft-ui="saved" action="/myft/save/05a41924-b5be-41dd-aaae-89121b4ac146" data-js-action="/__myft/api/core/saved/content/05a41924-b5be-41dd-aaae-89121b4ac146?method=put" data-myft-ui-save-config=""> <input 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href="/content/05a41924-b5be-41dd-aaae-89121b4ac146" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2445%;"><img class="o-teaser__image o-lazy-load" data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F2fc1cd99-9698-43f0-a92f-fe490a62625c.jpg?source=next&fit=scale-down&dpr=2&width=240" alt="US President Donald Trump in front of an EU flag"/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2025-01-23T11:01:00.411Z">Thursday, 23 January, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="d1653d21-49b0-466e-b905-8ed09c83fc98" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image o-teaser--opinion js-teaser" data-id="d1653d21-49b0-466e-b905-8ed09c83fc98"><div class="o-teaser__content"><div class="o-teaser__meta"><span class="o-teaser__tag-prefix">Free Lunch</span><a class="o-teaser__tag" data-trackable="teaser-tag" href="/global-economy" aria-label="Category: Global Economy">Global Economy</a></div><div class="o-teaser__heading"><a href="/content/d1653d21-49b0-466e-b905-8ed09c83fc98" data-trackable="heading-link" class="js-teaser-heading-link">The black swans of Trumponomics</a><span> <span class="o-labels o-labels--premium o-labels--content-premium">Premium</span><span class="o-normalise-visually-hidden"> content</span></span></div><p class="o-teaser__standfirst"><a href="/content/d1653d21-49b0-466e-b905-8ed09c83fc98" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">There is so much more than tariffs that can go wrong</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="d1653d21-49b0-466e-b905-8ed09c83fc98" data-myft-ui="saved" action="/myft/save/d1653d21-49b0-466e-b905-8ed09c83fc98" data-js-action="/__myft/api/core/saved/content/d1653d21-49b0-466e-b905-8ed09c83fc98?method=put" data-myft-ui-save-config=""> <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Article saved in My FT." data-unpressed-text="Removed article from My FT." ></div> <button type="submit" class="n-myft-ui__save-button-with-icon" data-trackable="save-for-later" title="Save The black swans of Trumponomics to myFT for later" aria-label="Save The black swans of Trumponomics to myFT for later" data-alternate-label="The black swans of Trumponomics is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved " data-content-id="d1653d21-49b0-466e-b905-8ed09c83fc98" > <span class="save-button-with-icon-copy" data-variant-label>Save</span> </button> </form> </span></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/d1653d21-49b0-466e-b905-8ed09c83fc98" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2438%;"><img class="o-teaser__image o-lazy-load" data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F6a1d5eef-b0b7-4c75-bbde-313d704f2205.jpg?source=next&fit=scale-down&dpr=2&width=240" alt="A black swan on a pond"/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2025-01-16T11:00:18.020Z">Thursday, 16 January, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="a9546fb4-1eae-4a07-bbf5-f96d7b51fdc3" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image o-teaser--opinion js-teaser" data-id="a9546fb4-1eae-4a07-bbf5-f96d7b51fdc3"><div class="o-teaser__content"><div class="o-teaser__meta"><span class="o-teaser__tag-prefix">Free Lunch</span><a class="o-teaser__tag" data-trackable="teaser-tag" href="/us-economy" aria-label="Category: US economy">US economy</a></div><div class="o-teaser__heading"><a href="/content/a9546fb4-1eae-4a07-bbf5-f96d7b51fdc3" data-trackable="heading-link" class="js-teaser-heading-link">Will the Democrats overcorrect on US economic policy?</a><span> <span class="o-labels o-labels--premium o-labels--content-premium">Premium</span><span class="o-normalise-visually-hidden"> content</span></span></div><p class="o-teaser__standfirst"><a href="/content/a9546fb4-1eae-4a07-bbf5-f96d7b51fdc3" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Bidenomics’ lasting legacy may depend on Republican success</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="a9546fb4-1eae-4a07-bbf5-f96d7b51fdc3" data-myft-ui="saved" action="/myft/save/a9546fb4-1eae-4a07-bbf5-f96d7b51fdc3" data-js-action="/__myft/api/core/saved/content/a9546fb4-1eae-4a07-bbf5-f96d7b51fdc3?method=put" data-myft-ui-save-config=""> <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Article saved in My FT." data-unpressed-text="Removed article from My FT." ></div> <button type="submit" class="n-myft-ui__save-button-with-icon" data-trackable="save-for-later" title="Save Will the Democrats overcorrect on US economic policy? to myFT for later" aria-label="Save Will the Democrats overcorrect on US economic policy? to myFT for later" data-alternate-label="Will the Democrats overcorrect on US economic policy? is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved " data-content-id="a9546fb4-1eae-4a07-bbf5-f96d7b51fdc3" > <span class="save-button-with-icon-copy" data-variant-label>Save</span> </button> </form> </span></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/a9546fb4-1eae-4a07-bbf5-f96d7b51fdc3" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2387%;"><img class="o-teaser__image o-lazy-load" data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2Fdcad3e53-408b-4633-a9ac-ec1795fa4c44.jpg?source=next&fit=scale-down&dpr=2&width=240" alt="US President Joe Biden leaves the stage after his speech at the state department in Washington on Monday"/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2025-01-12T13:00:42.815Z">Sunday, 12 January, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="61adaed4-ac9a-4891-afb6-b3ad648c58ad" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image o-teaser--opinion js-teaser" data-id="61adaed4-ac9a-4891-afb6-b3ad648c58ad"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/war-in-ukraine" aria-label="Category: War in Ukraine">War in Ukraine</a></div><div class="o-teaser__heading"><a href="/content/61adaed4-ac9a-4891-afb6-b3ad648c58ad" data-trackable="heading-link" class="js-teaser-heading-link">Russia’s war economy is a house of cards</a></div><p class="o-teaser__standfirst"><a href="/content/61adaed4-ac9a-4891-afb6-b3ad648c58ad" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">The financial underpinnings look increasingly fragile</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="61adaed4-ac9a-4891-afb6-b3ad648c58ad" data-myft-ui="saved" action="/myft/save/61adaed4-ac9a-4891-afb6-b3ad648c58ad" data-js-action="/__myft/api/core/saved/content/61adaed4-ac9a-4891-afb6-b3ad648c58ad?method=put" data-myft-ui-save-config=""> <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Article saved in My FT." data-unpressed-text="Removed article from My FT." ></div> <button type="submit" class="n-myft-ui__save-button-with-icon" data-trackable="save-for-later" title="Save Russia’s war economy is a house of cards to myFT for later" aria-label="Save Russia’s war 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</li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-stream-item> <div class="o-ads o-ads advert advert--instream" data-o-ads-targeting="pos=mid1;" data-o-ads-center="true" data-o-ads-label="false" data-o-ads-formats-small="MediumRectangle,Responsive,OneByOne" data-o-ads-formats-medium="MediumRectangle,Responsive,OneByOne" data-o-ads-formats-large="false" data-o-ads-formats-extra="false" aria-hidden="true"> </div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2025-01-09T11:00:38.299Z">Thursday, 9 January, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="e18bcf74-069d-40a3-a843-727806129106" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image o-teaser--opinion js-teaser" data-id="e18bcf74-069d-40a3-a843-727806129106"><div class="o-teaser__content"><div class="o-teaser__meta"><span class="o-teaser__tag-prefix">Free Lunch</span><a class="o-teaser__tag" data-trackable="teaser-tag" href="/us-economy" aria-label="Category: US economy">US economy</a></div><div class="o-teaser__heading"><a href="/content/e18bcf74-069d-40a3-a843-727806129106" data-trackable="heading-link" class="js-teaser-heading-link">The looming battles over US economic policy thinking</a><span> <span class="o-labels o-labels--premium o-labels--content-premium">Premium</span><span class="o-normalise-visually-hidden"> content</span></span></div><p class="o-teaser__standfirst"><a href="/content/e18bcf74-069d-40a3-a843-727806129106" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Both Republicans and Democrats are split between populist and oligarchic visions </a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="e18bcf74-069d-40a3-a843-727806129106" data-myft-ui="saved" action="/myft/save/e18bcf74-069d-40a3-a843-727806129106" data-js-action="/__myft/api/core/saved/content/e18bcf74-069d-40a3-a843-727806129106?method=put" data-myft-ui-save-config=""> <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Article saved in My FT." data-unpressed-text="Removed article from My FT." ></div> <button type="submit" class="n-myft-ui__save-button-with-icon" data-trackable="save-for-later" title="Save The looming battles over US economic policy thinking to myFT for later" aria-label="Save The looming battles over US economic policy thinking to myFT for later" data-alternate-label="The looming battles over US economic policy thinking is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved " data-content-id="e18bcf74-069d-40a3-a843-727806129106" > <span class="save-button-with-icon-copy" data-variant-label>Save</span> </button> </form> </span></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/e18bcf74-069d-40a3-a843-727806129106" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2527%;"><img class="o-teaser__image o-lazy-load" data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F5d61b785-437e-43ea-acba-7a99c02b8c47.jpg?source=next&fit=scale-down&dpr=2&width=240" alt="A street with traffic signs leading up to the US Capitol in Washington at night"/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2024-12-19T11:00:39.459Z">Thursday, 19 December, 2024</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="d29ceec0-f0a8-4ce0-81f2-1e1cb915e675" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image o-teaser--opinion js-teaser" data-id="d29ceec0-f0a8-4ce0-81f2-1e1cb915e675"><div class="o-teaser__content"><div class="o-teaser__meta"><span class="o-teaser__tag-prefix">Free Lunch</span><a class="o-teaser__tag" data-trackable="teaser-tag" href="/eu-economy" aria-label="Category: EU economy">EU economy</a></div><div class="o-teaser__heading"><a href="/content/d29ceec0-f0a8-4ce0-81f2-1e1cb915e675" data-trackable="heading-link" class="js-teaser-heading-link">A Copernican revolution in EU economic thinking?</a><span> <span class="o-labels o-labels--premium o-labels--content-premium">Premium</span><span class="o-normalise-visually-hidden"> content</span></span></div><p class="o-teaser__standfirst"><a href="/content/d29ceec0-f0a8-4ce0-81f2-1e1cb915e675" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">‘Draghi plus’ would make Europe take domestic demand seriously — and not before time</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="d29ceec0-f0a8-4ce0-81f2-1e1cb915e675" data-myft-ui="saved" action="/myft/save/d29ceec0-f0a8-4ce0-81f2-1e1cb915e675" data-js-action="/__myft/api/core/saved/content/d29ceec0-f0a8-4ce0-81f2-1e1cb915e675?method=put" data-myft-ui-save-config=""> <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Article saved in My FT." data-unpressed-text="Removed article from My FT." ></div> <button type="submit" class="n-myft-ui__save-button-with-icon" 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data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F5553a338-b29f-4bcc-b427-20ccd5128a9b.jpg?source=next&fit=scale-down&dpr=2&width=240" alt="Mario Draghi"/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2024-12-15T12:00:33.972Z">Sunday, 15 December, 2024</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="ef815310-1ccf-4737-bdc9-ae00f94b18af" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image o-teaser--opinion js-teaser" data-id="ef815310-1ccf-4737-bdc9-ae00f94b18af"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/stream/60da3242-e372-44d6-8b46-b497ef106d88" aria-label="Category: European Central Bank">European Central Bank</a></div><div class="o-teaser__heading"><a href="/content/ef815310-1ccf-4737-bdc9-ae00f94b18af" data-trackable="heading-link" class="js-teaser-heading-link">The ECB cannot pretend any technocratic purity</a></div><p class="o-teaser__standfirst"><a href="/content/ef815310-1ccf-4737-bdc9-ae00f94b18af" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Central banks must rise to the geopolitical challenges of the day</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="ef815310-1ccf-4737-bdc9-ae00f94b18af" data-myft-ui="saved" action="/myft/save/ef815310-1ccf-4737-bdc9-ae00f94b18af" data-js-action="/__myft/api/core/saved/content/ef815310-1ccf-4737-bdc9-ae00f94b18af?method=put" data-myft-ui-save-config=""> <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" 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class="o-teaser__image o-lazy-load" data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2Fd0f7cea7-c9cf-485a-9af7-c65656a5b7ef.jpg?source=next&fit=scale-down&dpr=2&width=240" alt="A euro sign is seen at the visitors centre of the European Central Bank in Frankfurt"/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2024-12-12T11:00:38.308Z">Thursday, 12 December, 2024</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="5533ac17-cda3-494c-9b30-af6c23d33543" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image o-teaser--opinion js-teaser" data-id="5533ac17-cda3-494c-9b30-af6c23d33543"><div class="o-teaser__content"><div class="o-teaser__meta"><span class="o-teaser__tag-prefix">Free Lunch</span><a class="o-teaser__tag" data-trackable="teaser-tag" href="/russian-assets" aria-label="Category: Russian assets">Russian assets</a></div><div class="o-teaser__heading"><a href="/content/5533ac17-cda3-494c-9b30-af6c23d33543" data-trackable="heading-link" class="js-teaser-heading-link">It’s high time to make Russia pay</a><span> <span class="o-labels o-labels--premium o-labels--content-premium">Premium</span><span class="o-normalise-visually-hidden"> content</span></span></div><p class="o-teaser__standfirst"><a href="/content/5533ac17-cda3-494c-9b30-af6c23d33543" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">G7’s $50bn loan is no substitute for transferring blocked foreign exchange reserves to Ukraine</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="5533ac17-cda3-494c-9b30-af6c23d33543" data-myft-ui="saved" 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</span></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/5533ac17-cda3-494c-9b30-af6c23d33543" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2472%;"><img class="o-teaser__image o-lazy-load" data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F1e914843-3633-43c0-a27f-0c9f86683e14.jpg?source=next&fit=scale-down&dpr=2&width=240" alt="A Russian flag flutters next to one of the Kremlin towers in downtown Moscow"/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2024-12-05T11:00:54.088Z">Thursday, 5 December, 2024</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="4ecf6acf-5f0c-4ddf-ba93-69290a7b8c62" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image o-teaser--opinion js-teaser" data-id="4ecf6acf-5f0c-4ddf-ba93-69290a7b8c62"><div class="o-teaser__content"><div class="o-teaser__meta"><span class="o-teaser__tag-prefix">Free Lunch</span><a class="o-teaser__tag" data-trackable="teaser-tag" href="/global-economy" aria-label="Category: Global Economy">Global Economy</a></div><div class="o-teaser__heading"><a href="/content/4ecf6acf-5f0c-4ddf-ba93-69290a7b8c62" data-trackable="heading-link" class="js-teaser-heading-link">Ten years of Free Lunch</a><span> <span class="o-labels o-labels--premium o-labels--content-premium">Premium</span><span class="o-normalise-visually-hidden"> content</span></span></div><p class="o-teaser__standfirst"><a href="/content/4ecf6acf-5f0c-4ddf-ba93-69290a7b8c62" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">To celebrate: an upgrade in the new year</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="4ecf6acf-5f0c-4ddf-ba93-69290a7b8c62" data-myft-ui="saved" action="/myft/save/4ecf6acf-5f0c-4ddf-ba93-69290a7b8c62" data-js-action="/__myft/api/core/saved/content/4ecf6acf-5f0c-4ddf-ba93-69290a7b8c62?method=put" data-myft-ui-save-config=""> <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Article saved in My FT." data-unpressed-text="Removed article from My FT." ></div> <button type="submit" class="n-myft-ui__save-button-with-icon" data-trackable="save-for-later" title="Save Ten years of Free Lunch to myFT for later" aria-label="Save Ten years of Free Lunch to myFT for later" data-alternate-label="Ten years of Free Lunch is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved " 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datetime="2024-12-01T16:00:03.727Z">Sunday, 1 December, 2024</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="f30cbd3c-f680-4e5e-b4f0-f54c5f0df005" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image o-teaser--opinion js-teaser" data-id="f30cbd3c-f680-4e5e-b4f0-f54c5f0df005"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/eu-economy" aria-label="Category: EU economy">EU economy</a></div><div class="o-teaser__heading"><a href="/content/f30cbd3c-f680-4e5e-b4f0-f54c5f0df005" data-trackable="heading-link" class="js-teaser-heading-link">The EU’s commitment phobia holds it back</a></div><p class="o-teaser__standfirst"><a href="/content/f30cbd3c-f680-4e5e-b4f0-f54c5f0df005" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Leaders must take long-term action on industrial, fiscal and monetary policy as well as support for Ukraine</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="f30cbd3c-f680-4e5e-b4f0-f54c5f0df005" data-myft-ui="saved" action="/myft/save/f30cbd3c-f680-4e5e-b4f0-f54c5f0df005" data-js-action="/__myft/api/core/saved/content/f30cbd3c-f680-4e5e-b4f0-f54c5f0df005?method=put" data-myft-ui-save-config=""> <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Article saved in My FT." data-unpressed-text="Removed article from My FT." ></div> <button type="submit" class="n-myft-ui__save-button-with-icon" data-trackable="save-for-later" title="Save The EU’s commitment phobia holds it back to myFT for later" aria-label="Save The EU’s commitment phobia holds it back to myFT for later" data-alternate-label="The EU’s commitment phobia holds it back is Saved to myFT" aria-pressed="false" 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<time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2024-11-28T11:00:32.413Z">Thursday, 28 November, 2024</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="66a13524-6d4b-4927-b9fb-b97ded2aefbb" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image o-teaser--opinion js-teaser" data-id="66a13524-6d4b-4927-b9fb-b97ded2aefbb"><div class="o-teaser__content"><div class="o-teaser__meta"><span class="o-teaser__tag-prefix">Free Lunch</span><a class="o-teaser__tag" data-trackable="teaser-tag" href="/us-politics-policy" aria-label="Category: US politics & policy">US politics & policy</a></div><div class="o-teaser__heading"><a href="/content/66a13524-6d4b-4927-b9fb-b97ded2aefbb" data-trackable="heading-link" class="js-teaser-heading-link">Donald Trump, accidental master of game theory</a><span> <span class="o-labels o-labels--premium o-labels--content-premium">Premium</span><span class="o-normalise-visually-hidden"> content</span></span></div><p class="o-teaser__standfirst"><a href="/content/66a13524-6d4b-4927-b9fb-b97ded2aefbb" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">The president-elect’s instincts track the theorems of strategic decision science</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="66a13524-6d4b-4927-b9fb-b97ded2aefbb" data-myft-ui="saved" action="/myft/save/66a13524-6d4b-4927-b9fb-b97ded2aefbb" data-js-action="/__myft/api/core/saved/content/66a13524-6d4b-4927-b9fb-b97ded2aefbb?method=put" data-myft-ui-save-config=""> <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Article saved in My FT." data-unpressed-text="Removed article from My FT." ></div> <button type="submit" class="n-myft-ui__save-button-with-icon" 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data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2Fbc6766b5-7fac-45f3-a70f-a1bff37cc444.jpg?source=next&fit=scale-down&dpr=2&width=240" alt="Donald Trump gestures while speaking during an election night event. Behind him, multiple American flags are displayed."/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2024-11-21T11:00:51.727Z">Thursday, 21 November, 2024</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="f0232e63-c857-4615-a24d-60322131109c" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image o-teaser--opinion js-teaser" data-id="f0232e63-c857-4615-a24d-60322131109c"><div class="o-teaser__content"><div class="o-teaser__meta"><span class="o-teaser__tag-prefix">Free Lunch</span><a class="o-teaser__tag" data-trackable="teaser-tag" href="/eu-economy" aria-label="Category: EU economy">EU economy</a></div><div class="o-teaser__heading"><a href="/content/f0232e63-c857-4615-a24d-60322131109c" 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o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/middle-east-north-africa" data-trackable="Middle East & North Africa">Middle East & North Africa</a></li></ul></li><li class="o-header__drawer-menu-item"><div class="o-header__drawer-menu-toggle-wrapper"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--parent" href="/us" data-trackable="US">US</a><button class="o-header__drawer-menu-toggle o-header__drawer-menu-toggle--unselected" aria-controls="o-header-drawer-child-2" data-trackable="sub-level-toggle | US">Show more US</button></div><ul class="o-header__drawer-menu-list o-header__drawer-menu-list--child" id="o-header-drawer-child-2" data-trackable="sub-level"><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/us-economy" data-trackable="US Economy">US Economy</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/investing-in-america" data-trackable="Investing in America">Investing in America</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/us-companies" data-trackable="US Companies">US Companies</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/us-politics-policy" data-trackable="US Politics & Policy">US Politics & Policy</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/us-presidential-election-2024" data-trackable="US Presidential Election 2024">US Presidential Election 2024</a></li></ul></li><li class="o-header__drawer-menu-item"><div class="o-header__drawer-menu-toggle-wrapper"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--parent" href="/companies" data-trackable="Companies">Companies</a><button class="o-header__drawer-menu-toggle o-header__drawer-menu-toggle--unselected" aria-controls="o-header-drawer-child-3" data-trackable="sub-level-toggle | Companies">Show more Companies</button></div><ul class="o-header__drawer-menu-list o-header__drawer-menu-list--child" id="o-header-drawer-child-3" data-trackable="sub-level"><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/energy" data-trackable="Energy">Energy</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/financials" data-trackable="Financials">Financials</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/health" data-trackable="Health">Health</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/industrials" data-trackable="Industrials">Industrials</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/media" data-trackable="Media">Media</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/professional-services" data-trackable="Professional Services">Professional Services</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/retail-consumer" data-trackable="Retail & Consumer">Retail & Consumer</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/technology-sector" data-trackable="Tech Sector">Tech Sector</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/telecoms" data-trackable="Telecoms">Telecoms</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/transport" data-trackable="Transport">Transport</a></li></ul></li><li class="o-header__drawer-menu-item"><div class="o-header__drawer-menu-toggle-wrapper"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--parent" href="/technology" data-trackable="Tech">Tech</a><button class="o-header__drawer-menu-toggle o-header__drawer-menu-toggle--unselected" aria-controls="o-header-drawer-child-4" data-trackable="sub-level-toggle | Tech">Show more Tech</button></div><ul class="o-header__drawer-menu-list o-header__drawer-menu-list--child" id="o-header-drawer-child-4" data-trackable="sub-level"><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/artificial-intelligence" data-trackable="Artificial intelligence">Artificial intelligence</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/semiconductors" data-trackable="Semiconductors">Semiconductors</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/cyber-security" data-trackable="Cyber Security">Cyber Security</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/social-media" data-trackable="Social Media">Social Media</a></li></ul></li><li class="o-header__drawer-menu-item"><div class="o-header__drawer-menu-toggle-wrapper"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--parent" href="/markets" data-trackable="Markets">Markets</a><button class="o-header__drawer-menu-toggle o-header__drawer-menu-toggle--unselected" aria-controls="o-header-drawer-child-5" data-trackable="sub-level-toggle | Markets">Show more Markets</button></div><ul class="o-header__drawer-menu-list o-header__drawer-menu-list--child" id="o-header-drawer-child-5" data-trackable="sub-level"><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/alphaville" data-trackable="Alphaville">Alphaville</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="https://markets.ft.com/data" data-trackable="Markets Data">Markets Data</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/crypto" data-trackable="Crypto">Crypto</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/capital-markets" data-trackable="Capital Markets">Capital Markets</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/commodities" data-trackable="Commodities">Commodities</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/currencies" data-trackable="Currencies">Currencies</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/equities" data-trackable="Equities">Equities</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/ft-wealth-management" data-trackable="Wealth Management">Wealth Management</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/moral-money" data-trackable="Moral Money">Moral Money</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/etf-hub" data-trackable="ETF Hub">ETF Hub</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/fund-management" data-trackable="Fund Management">Fund Management</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/ft-trading-room" data-trackable="Trading">Trading</a></li></ul></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="/climate-capital" data-trackable="Climate">Climate</a></li><li class="o-header__drawer-menu-item"><div class="o-header__drawer-menu-toggle-wrapper"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--parent" href="/opinion" data-trackable="Opinion">Opinion</a><button class="o-header__drawer-menu-toggle o-header__drawer-menu-toggle--unselected" aria-controls="o-header-drawer-child-7" data-trackable="sub-level-toggle | Opinion">Show more Opinion</button></div><ul class="o-header__drawer-menu-list o-header__drawer-menu-list--child" id="o-header-drawer-child-7" data-trackable="sub-level"><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/columnists" data-trackable="Columnists">Columnists</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/ft-view" data-trackable="The FT View">The FT View</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/the-big-read" data-trackable="The Big Read">The Big Read</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/lex" data-trackable="Lex">Lex</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/obituaries" data-trackable="Obituaries">Obituaries</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/letters" data-trackable="Letters">Letters</a></li></ul></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="/lex" data-trackable="Lex">Lex</a></li><li class="o-header__drawer-menu-item"><div class="o-header__drawer-menu-toggle-wrapper"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--parent" href="/work-careers" data-trackable="Work & Careers">Work & Careers</a><button class="o-header__drawer-menu-toggle o-header__drawer-menu-toggle--unselected" aria-controls="o-header-drawer-child-9" data-trackable="sub-level-toggle | Work & Careers">Show more Work & Careers</button></div><ul class="o-header__drawer-menu-list o-header__drawer-menu-list--child" id="o-header-drawer-child-9" data-trackable="sub-level"><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="https://rankings.ft.com/business-education" data-trackable="Business School Rankings">Business School Rankings</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/business-education" data-trackable="Business Education">Business Education</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="https://rankings.ft.com/incubator-accelerator-programmes-europe" data-trackable="Europe's Start-Up Hubs">Europe's Start-Up Hubs</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/entrepreneurship" data-trackable="Entrepreneurship">Entrepreneurship</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/recruitment" data-trackable="Recruitment">Recruitment</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/business-books" data-trackable="Business Books">Business Books</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/business-travel" data-trackable="Business Travel">Business Travel</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/working-it" data-trackable="Working It">Working It</a></li></ul></li><li class="o-header__drawer-menu-item"><div class="o-header__drawer-menu-toggle-wrapper"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--parent" href="/life-arts" data-trackable="Life & Arts">Life & Arts</a><button class="o-header__drawer-menu-toggle o-header__drawer-menu-toggle--unselected" aria-controls="o-header-drawer-child-10" data-trackable="sub-level-toggle | Life & Arts">Show more Life & Arts</button></div><ul class="o-header__drawer-menu-list o-header__drawer-menu-list--child" id="o-header-drawer-child-10" data-trackable="sub-level"><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/arts" data-trackable="Arts">Arts</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/books" data-trackable="Books">Books</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/food-drink" data-trackable="Food & Drink">Food & Drink</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/magazine" data-trackable="FT Magazine">FT Magazine</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/house-home" data-trackable="House & Home">House & Home</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/style" data-trackable="Style">Style</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/puzzles-games" data-trackable="Puzzles">Puzzles</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/travel" data-trackable="Travel">Travel</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/globetrotter" data-trackable="FT Globetrotter">FT Globetrotter</a></li></ul></li><li class="o-header__drawer-menu-item"><div class="o-header__drawer-menu-toggle-wrapper"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--parent" href="/personal-finance" data-trackable="Personal Finance">Personal Finance</a><button class="o-header__drawer-menu-toggle o-header__drawer-menu-toggle--unselected" aria-controls="o-header-drawer-child-11" data-trackable="sub-level-toggle | Personal Finance">Show more Personal Finance</button></div><ul class="o-header__drawer-menu-list o-header__drawer-menu-list--child" id="o-header-drawer-child-11" data-trackable="sub-level"><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/mortgages" data-trackable="Property & Mortgages">Property & Mortgages</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/investments" data-trackable="Investments">Investments</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/pensions" data-trackable="Pensions">Pensions</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/tax" data-trackable="Tax">Tax</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/banking-savings" data-trackable="Banking & Savings">Banking & Savings</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/advice-comment" data-trackable="Advice & Comment">Advice & Comment</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/next-act" data-trackable="Next Act">Next Act</a></li></ul></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="/htsi" data-trackable="HTSI">HTSI</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="/special-reports" data-trackable="Special Reports">Special Reports</a></li></ul><h2 id="ft-recommends" class="o-header__drawer-menu-item o-header__drawer-menu-item--heading">FT recommends</h2><ul aria-labelledby="ft-recommends" class="o-header__drawer-menu-list"><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="/alphaville" 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