That is according to a new report published today (8 November) by MPs on the Treasury Committee, which has stated that the financial institution is currently controlled under outdated internal rules and regulations.
The document noted that the BoE has a crucial role to play in preventing any repeat of the recent recession in the future, but indicated this will not be possible unless alterations are quickly made.
Andrew Tyrie MP, chairman of the Treasury Committee, labelled the present system "antiquated".
"Scrutiny of the BoE should reflect the needs of 21st century democracy. That means clear lines of accountability and more information made available to parliament," he added.
For instance, the group recommends that the governor of the institution - a role that has been held by Sir Mervyn King since 2003 - should be appointed for single and non-renewable eight-year terms.
By Tony Aynsley