One year ago a series of events began that shook the world financial system to its core. In a new series, the BBC explores the causes and consequences of the biggest world economic slowdown in 60 years.
Introducing the BBC's Aftershock series:
The collapse of Lehman Brothers on 15 September 2008 was the largest bankruptcy in US corporate history and signalled the beginning of a traumatic period for economies, companies and people around the world.
One year on from these pivotal events, the BBC is to launch Aftershock, a new season investigating the impact of the global recession on all facets of life since that fateful day.
BBC editors and presenters explain what viewers, listeners and readers can look forward to on BBC TV, radio and online during this series in September.
The year that shook the world :
On 15 September 2008, one of the world's oldest and most respected investment banks, Lehman Brothers, collapsed. It led to a global financial panic that has seriously damaged the global economy.
One year on from these pivotal events, the BBC is launching the Aftershock season - a major series across TV, radio and online investigating their impact across the world.
BBC News online's Steve Schifferes looks at some of the highlights.
How the forecasters got it wrong:
The severity of the global economic downturn was not anticipated by policymakers.
As a result they took relatively little corrective action in the early stages of the crisis, hoping markets would correct themselves.
Even at the height of the global financial panic, the International Monetary Fund, whose role is surveillance of the global economic system, was still forecasting only a mild slowdown.
Forecasts were rapidly revised downwards during the first half of 2009 - and now are being revised upwards again, as optimism has returned.
