Knighthood for Fed's Greenspan

Greenspan joins Americans Ronald Reagan and Gen. Norman Schwarzkopf in receiving the honorary knighthood

LONDON, England -- U.S. Federal Reserve Chairman Alan Greenspan will receive an honorary knighthood from Britain's Queen Elizabeth II.

The honour recognises his "contribution global economic stability," the UK government said in announcing the knighthood.

"I am most privileged to accept this honour," Greenspan, 76, said in a statement released by the Fed.

"I have valued my close relationship with the Bank of England and with many chancellors of the exchequer, going back nearly 30 years."

MORE STORIES • Greenspan joins an exclusive club

In a separate release, the British Treasury said: "The award is in recognition of his outstanding contribution to global economic stability and the benefit that the UK has received from the wisdom and skill with which he has led the U.S. Federal Reserve. Dr. Greenspan will receive the award when he next visits the UK."

Greenspan, who took office in August 1987 after his appointment by President Ronald Reagan, is expected to visit Britain in the autumn.

Before then he served as chairman of the president's Council of Economic Advisers, after a long stint as head of the Townsend-Greenspan consulting firm in New York.

Greenspan won't be able to call himself "Sir" since he is not a UK citizen, but he will be able to add the letters KBE -- which stand for Knight Commander of the British Empire -- after his name.

It's an honour shared by Reagan, former U.S. President George Bush, former New York Mayor Rudy Giuliani, entertainer Bob Hope and U.S. Gen. Norman Schwarzkopf.