Central banks must adopt tools for earlier intervention and credible resolution regimes that reduce moral hazard and prevent excessive risk taking if another crisis is to be avoided, a senior Norges Bank official has said.

"We need alternative ways for creditors and counterparties to ensue losses in a banking crisis then a messy Lehman-like bankruptcy and that without such alternatives we would end up with government bailouts again," Arild Lund, a director at the central bank, said at the