MercoPress. South Atlantic News Agency

Greenspan honorary advisor to UK Treasury

Former Federal Reserve chairman Alan Greenspan has agreed to become an honorary adviser to the United Kingdom Treasury, announced British Chancellor Gordon Brown.

The new advisor will help the UK Treasury to develop thinking areas related to global economic change.

"Good news for us. I am delighted that Dr. Greenspan has agreed to be honorary advisor", said Chancellor Brown adding that "his advices on issues relating to global economic change will be much appreciated".

Mr. Greenspan on Tuesday ended nearly 19 years as head of the Federal Reserve, having been named by former president Ronald Reagan and confirmed by succeeding presidents.

During his time at the helm Mr Greenspan guided the US responses to the stock market crash of 1987, the emerging market crisis of the 1990s, the dotcom bubble of 2000 and the 9/11 attacks. He was given an honorary knighthood in 2002.

Mr Brown has called him "the world's greatest economic leader of our generation".

Mr. Greenspan has also launched a new consulting firm, Greenspan Associates.