The Harvard professor, who recently delivered the BBC's Reith lectures on banking and the financial crisis said the Bank of England should be all powerful but the rules should not be completely clear.

BBC: 'Empower Bank' to discipline City argues Niall Ferguson

In one of his recent Reith lectures entitled the Darwinian economy , Professor Ferguson argued the financial crisis was not the result of de-regulation but rather a failure to enforce the regulations that existed.

BBC: 'Empower Bank' to discipline City argues Niall Ferguson