Britain and France promised to address financial market issues on Thursday and urged banks to disclose the full extent of damage caused by the credit crunch. British Prime Minister Gordon Brown described his relationship with President Nicolas Sarkozy as strong, while the French leader concluded a two-day state visit to Britain that both leaders praised for initiating a new era of cooperation. They agreed to work towards expanding the U.N. Security Council by securing permanent seats for Germany, Brazil, India, Japan, and representation for Africa. In contrast to past suspicions in Anglo-French relations, the body language between the two leaders was very positive, with compliments exchanged during a press conference held at Arsenal's stadium in north London. The team is overseen by Frenchman Arsene Wenger and includes several French-speaking players. Sarkozy expressed gratitude for the warm reception his new wife, Carla Bruni, received after their recent marriage, despite the impact on his popularity. Global leaders are working to ease concerns about a potential economic downturn caused by a credit crisis linked to U.S. housing loans. However, wealthy nations have not yet reached a consensus on a collective strategy. Brown and Sarkozy emphasized the importance of financial market transparency to ensure banks disclose write-offs promptly and fully. Banks have recorded losses of more than $125 billion in assets due to the credit squeeze, with some estimates suggesting bad debts on banks' books could be as high as $600 billion. Central banks have injected funds into the financial system to boost confidence among commercial banks, who are hesitant to lend money to each other. The two leaders called for further discussions with the United States and others to address the crisis. During a speech in London's financial district, Sarkozy criticized the strength of the euro, stating that the value of the U.S., Japanese, and Chinese currencies did not accurately reflect the strength of their economies. He has consistently expressed concerns about the euro's strength, which reached a new high above $1.59 last week, as it negatively impacts French exporters. Sarkozy has also raised worries about the high costs of oil and other commodities. While the U.N. Security Council's expansion efforts have come to a standstill, Britain and France, both permanent members, have proposed the idea of granting some 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 partnership that has historically influenced the European Union. Analysts suggest that Brown's difficulties with German Chancellor Angela Merkel may have contributed to his previous criticisms from Brussels for Britain's reluctance to fully engage with the European Union, including not adopting the common currency. Despite this, Brown showed solidarity with Sarkozy during a joint press conference, emphasizing the importance of both Britain and France being central to a reformed, global, and outward-looking Europe. The two leaders also agreed on taking action on various issues such as trade between wealthy and impoverished nations, combating illegal immigration, addressing climate change, and facilitating dialogue between China and Tibet to resolve ongoing tensions.