When experts fail: a response and reply

In the previous edition of Central Banking, Frank Vibert wrote an article entitled "When experts fail". In it, Vibert argued that a key lesson from the crisis was "to improve the disciplines that regulators follow." Vibert called for the de-politicisation of regulation in order to enable expert regulators, rather than lawmakers, to set the agenda. Experts were, he said, "better at mobilising information and knowledge than politicians." Below, Michael Taylor's response to the article is follow