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

The BBC issued an invitation to give the prestigious Reith lectures.

ECONOMIST: Bernard Lovell | The

The second of Eliza Manningham-Buller's Reith Lectures, which is entitled Security, will be broadcast on BBC Radio 4 on Tuesday, 13 September.

BBC: Former MI5 head: Torture is 'wrong and never justified'