Britain and France pledged to address financial market issues and urged banks to disclose the full extent of the damage caused by the credit crunch. Prime Minister Gordon Brown referred to his relationship with President Nicolas Sarkozy as a strong alliance during Sarkozy's visit to Britain. Both leaders expressed optimism about a new era of collaboration and agreed to work towards expanding the U.N. Security Council to include Germany, Brazil, India, Japan, and representation for Africa. The leaders' body language and compliments towards each other at a press conference in London demonstrated a significant improvement in Anglo-French relations. The team is overseen by Frenchman Arsene Wenger and includes several French-speaking players. Sarkozy, feeling emotional, praised the warm welcome his new wife, former model turned singer Carla Bruni, received after their recent marriage following a quick courtship that affected his popularity in polls. World leaders are working to ease concerns about a potential global economic downturn caused by a credit squeeze resulting from a U.S. housing loan crisis. However, wealthy nations have not yet reached a consensus on a unified action plan. "We have agreed on the importance of increased transparency in financial markets to ensure that banks disclose the extent of their losses in a timely manner," stated Brown and Sarkozy. Banks have reduced the value of their assets by over $125 billion because of the credit squeeze, with some estimates suggesting bad debts could be as high as $600 billion. Central banks have injected money into the financial system to boost confidence among commercial banks hesitant to lend to one another. The two leaders called for further discussions with the United States and others to address the crisis. French President Sarkozy criticized the strength of the euro compared to the U.S., Japanese, and Chinese currencies in a speech in London's financial district. He has continuously expressed his dissatisfaction with the euro's increasing value, which reached a peak above $1.59 last week, as it negatively impacts French exporters. Sarkozy has also expressed worry about the high costs of oil and other goods. While Britain and France are both permanent members of the U.N. Security Council, efforts to expand its membership have not progressed. Brown and Sarkozy proposed the idea of granting certain countries longer, renewable terms on the council, potentially leading to permanent seats. Sarkozy is aiming to strengthen ties with Britain in addition to the longstanding Franco-German alliance that has historically influenced the European Union. Analysts suggest that Prime Minister Brown's challenges with German Chancellor Angela Merkel may have influenced his stance. Despite criticisms of Britain's reluctance to fully engage with the European Union and adopt the common currency, Brown, often a target of such critiques, publicly aligned himself with French President Sarkozy. At a joint news conference, Brown emphasized the importance of both Britain and France playing a central role in a reformed, global Europe that is open, flexible, and forward-thinking. The two leaders also agreed on taking action on various issues, such as facilitating trade between wealthy and impoverished nations, addressing illegal immigration, combatting climate change, and fostering dialogue between China and Tibet to resolve ongoing tensions.