The comments appeared to be directed at BoE boss Mark Carney
The comments by Dame Minouche appeared to be a coded attack on the Governor of the Bank of England Mark Carney’s ill-fated intervention in the Brexit debate when he joined George Osborne’s Project Fear campaign for Remain.
Mr Carney has since insisted that he was right to make his warnings even over the economy with a Brexit vote even though the Bank of England has admitted its prediction was completely wrong and economic data has shown a Brexit boom not collapse.
In her speech to the Oxford Union Dame Minouche argued that "experts" must show "humility" when they are wrong and "candour" about the limits of their expertise.
She said: "Problems often arise when experts try to be politicians or when politicians try to be experts.
Clarity about these roles and accountability to reinforce that clarity are essential."
Her comments also reflect what many people feel is a wider distrust in the predictions made by economists dating back to the 2008 financial crash which was largely unpredicted.
Dame Minouche will soon leave the Bank of England to become director at LSE
Problems often arise when experts try to be politicians
Dame Minouche Shafik
Dame Minouche, who is due to leave the Bank to become director of the London School of Economics said that the job of experts is limited to providing the “best technical advice” not political campaigning.
She said: "If there were political trade-offs to be made, they were done at the level of the Board, which represented the 189 member country governments.
"If experts cross that line, they undermine the credibility of their expertise and their accountability to their professional standards.
Mark Carney caused controversy when he came out in favour of the Remain camp The Best Trade Prospects for the UK Thu, February 16, 2017
These are the top 10 trade partner prospects for the UK moving forward
Play slideshow 1 of 11
"And if politicians cross that line, they risk misleading the public who elected them to look out for their interests."
She said that to regain trust experts need to admit to uncertainty.
She said: "Rather than pretending to be certain and risk frequently getting it wrong, being candid about uncertainty will over the long term build the credibility of experts.”
- Brussels slaps down Norway and Iceland over bid to butt in on Brexit
- Another Brexit boost as Lidl creates 360 jobs at new regional distr…
- Kezia Dugdale reveals she made secret Brexit pledge to Nicola Sturgeon