As the England FIFA World Cup squad returned to the country on Wednesday following their early exit from the showpiece in Brazil, many pundits have blamed their lacklustre showing at international tournaments on a lack of British players coming through at club level.
And Taylor supports that viewpoint, calling for a minimum of three home-grown players to be included in every starting XI in the English top flight.
"The success rate has not been good enough," he told BBC Sport. "If football had been a university, we would have been closed down.
"We have a duty to the next generation to give them a chance.
"We should be looking at a minimum of three home-grown players in a starting line-up, irrespective of nationality.
"That sort of number is going to be essential in order to encourage all clubs to give these youngsters a chance to break through.
"The Premier League doesn't want to be at a disadvantage to other countries, so it would have to be applied throughout Europe. Clubs like Bayern and Barcelona would meet that figure."
