International Monetary Fund (IMF) boss Christine Lagarde has warned the world economy is entering a "dangerous new phase" on the third anniversary of the collapse of Lehman Brothers.
Speaking in Washington, she said: “Exactly three years after the collapse of Lehman Brothers, the economic skies look troubled and turbulent as global activity slows and downside risks increase.
“Without collective resolve, the confidence that the world so badly needs will not return.”
Ms Lagarde, who took over as IMF managing director in July, said there’s too much debt in advanced economies.
She said the debt stretched from governments to banks in Europe, and householders in the US.
And uncertainty is adding to weaker growth.
She also hit out at the reaction of policy makers to the crisis referring to "policy indecision and political dysfunction."