Britain is to award US Federal Reserve chairman Dr Alan Greenspan an honorary knighthood.
The honour, which has been approved by Queen Elizabeth II, is for Dr Greenspan's "contribution to global economic stability".
The 76-year-old has been dubbed the second most powerful man in America and has steered the country's economy through four presidencies.
A Treasury spokesman said: "Her Majesty the Queen has approved the award of an honorary KBE to Dr Alan Greenspan.
"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 US Federal Reserve board.
Because he is not a British citizen, Dr Greenspan will not be able to style himself Sir Alan, but he will be able to use the letters KBE after his name.
He is expected to receive the award when he next visits the UK early this autumn, the spokesman added.
Dr Greenspan has already been decorated with France's prestigious Legion of Honour (Commander), in 2000.
He has also received honorary degrees from Harvard, Yale, Pennsylvania, Leuven (Belgium), Notre Dame, Wake Forest, and Colgate universities.
PA