Britain and France have promised to address financial market issues and are urging banks to be transparent about the impact of the credit crunch on their operations. Prime Minister Gordon Brown described his relationship with President Nicolas Sarkozy as strong, and the two leaders celebrated a new era of cooperation during Sarkozy's state visit to Britain. They agreed to work towards expanding the U.N. Security Council by granting permanent seats to Germany, Brazil, India, Japan, and providing representation for Africa. The leaders displayed friendly body language and exchanged compliments during a press conference held at Arsenal's stadium in north London. The team is led by Frenchman Arsene Wenger and includes several French-speaking players. Sarkozy, in an emotional state, praised the warm reception his new wife Carla Bruni received, following their recent marriage that affected his popularity in polls. Global leaders are working to alleviate concerns of a worldwide economic decline caused by a credit crunch from the U.S. housing loan crisis. However, wealthy nations have not yet reached a consensus on a unified action plan. Brown and Sarkozy emphasized the importance of financial market transparency to ensure banks disclose write-offs promptly and fully. Banks have recorded losses of over $125 billion in assets due to the credit squeeze, with some estimates suggesting bad debts on banks' books could reach as high as $600 billion. Central banks are injecting cash into the financial system to rebuild confidence among commercial banks hesitant to lend to each other. The two leaders called for further discussions with the United States and others to tackle the crisis. In a speech in London's financial district, Sarkozy criticized the strength of the euro compared to the US, Japanese, and Chinese currencies, which he believes do not accurately reflect the strength of their economies. He has continuously expressed his dissatisfaction with the euro's increase, which reached a record high of over $1.59 last week, as it is harmful to French exporters. Sarkozy also mentioned his worries about the high cost of oil and other goods. While Britain and France are both permanent members of the U.N. Security Council, efforts to expand its scope have been at a standstill. Brown and Sarkozy proposed the idea of granting certain countries longer, renewable terms on the council, potentially leading to permanent seats. Sarkozy is looking to strengthen relations with Britain in addition to the longstanding Franco-German alliance that has traditionally been a driving force in the 27-nation European Union. Analysts suggest that this could be due to his strained relationship with German Chancellor Angela Merkel. Britain has often faced criticism in Brussels for staying on the outskirts of the European Union and not adopting the common currency, with Brown frequently being targeted. However, he showed solidarity with Sarkozy during a joint press conference. Brown stated, "We also agreed that we need Britain and France to be at the core of Europe, a global Europe that is evolving, inclusive, adaptable, and outward-looking." The two leaders also agreed on taking action on various issues such as enhancing trade between wealthy and impoverished nations, combating illegal immigration, addressing climate change, and facilitating discussions between China and Tibet to resolve the crisis in that region.