HALIFAX - Canada's ambassador to the United States says the economic turmoil in the U.S. won't last long.
Michael Wilson, speaking today to a business audience in Halifax, says the Americans have quickly recognized they have a financial crisis on their hands -- and they are doing something about it.
He says that unlike Japan, which remained in denial about its economic woes for 10 years, the American government and financial institutions have admitted their mistakes and are moving quickly to fix them.
As a result, the former federal finance minister says he believes the dramatic downturn in the U.S. will not have a long-term impact on the global economy.
Wilson says they are so determined to compete and win in the global marketplace that they will maintain their leadership position on the world stage.
As for the U.S. election, Wilson says the Canadian government will be ready to work with whoever wins the race because Canadian diplomats have extensive contacts within the campaign teams for Democrat Barrack Obama and Republican John McCain.
