Alan Greenspan, who this week stepped down as chairman of the U.S. Federal Reserve, will turn up as an adviser to the UK Treasury, the UK Treasury said on Wednesday.

Greenspan has agreed to become an honorary adviser to the UK Treasury, Chancellor of the Exchequer Gordon Brown said.

Brown said his new adviser would help the treasury develop its thinking in areas related to global economic change.

Brown, who has described Greenspan as "the world's greatest economic leader of our generation", said the new appointment was " good news".

On Tuesday Greenspan presided over his last meeting of the U.S. Federal Reserve, which raised interest rates for the 14th time in a row.

During his time at the helm Greenspan guided the U.S. 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.

Source: Xinhua