Rethinking the way debt is issued could prevent future crises, said Andrew Haldane, the executive director for financial stability at the Bank of England, on Wednesday.

Haldane told a trade organisation in Liverpool that poorly designed debt instruments had exacerbated the risk of default by countries, companies and individuals alike in the lead up to the financial crisis. "For example, the ‘teaser rate' mortgages offered to households in the US generated an automatic and correlated spike in