Former Bank of England policy-maker Adam Posen on Tuesday criticized the U.K. central bank's values that led to the suspension of an employee over alleged manipulation of currency markets.
His comments came as the bank announced two new deputy governors, Monetary Policy Commitee (MPC) member Ben Broadbent and International Monetary Fund official Nemat Shafik, shaking up the top rank of the bank.
Broadbent will succeed Charlie Bean as deputy governor responsible for monetary policy in July, while Shafik will take on the newly created role of deputy governor for markets and banking from the beginning of August.
Both deputy governors will sit on the BoE's rate-setting MPC, with Shafik taking the seat currently held by the BoE's executive director for markets, Paul Fisher. The new position, will take the number of deputy governors to four.
(Read more: Carney: Strategic shake-up at Bank of England)
Shafik, who has been the IMF's deputy managing director since April 2011,will be the first female MPC member since 2010.
The BoE also announced Andy Haldane, currently the BoE's executive director for financial stability, as its chief economist from June. He will replace Spencer Dale who will take on a similar role to Haldane's current position and will leave the Monetary Policy Committee, the BoE said.
Posen, currently the president of the Peterson Institute for International Economics said the shake up of the Bank of England is only helpful if it also "embodies" a change in mindset.
"Its really not an organizational problem. To me it's a problem of they just have the wrong values," Posen told CNBC.
(Read more: Forex manipulation: How it worked)
"There was too much faith by self-regulation by the market. There was too much faith in these cosy relations. Carney can change the institutional structure, but I am hoping what is behind it is that is to embody the new mindset. If he just changes the institutions and remains this sort of laissez faire, then we got a problem," he said.