We consider large-angle two photon production in e + e − annihilation as a possible process to monitor the luminosity of a future e + e − circular collider (FCC-ee). We review and assess the status of the theoretical accuracy by performing a detailed phenomenological study of next-to-leading order electroweak corrections and leading logarithmic QED contributions due to multiple photon radiation. We also estimate the impact of photonic and fermion-loop corrections at nextto-next-to-leading order and the uncertainty induced by the hadronic contribution to the vacuum polarization. Possible perspectives to address the target theoretical accuracy are briefly discussed.1 It was extensively used and is still a reference code for luminosity measurements at flavor factories.