Britain and France have promised to address financial market issues and have asked 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 successful state visit to Britain that both leaders see as the beginning of a new era of cooperation. They have agreed to work towards expanding the U.N. Security Council to include permanent seats for Germany, Brazil, India, Japan, and representation for Africa. The body language between the two leaders was friendly, in contrast to the historical mutual suspicion between the two countries. The leaders exchanged compliments during a press conference at Arsenal's stadium in London. The team is led by Frenchman Arsene Wenger and includes several French-speaking players. Sarkozy expressed his gratitude for the warm reception his new wife, Carla Bruni, received after their recent marriage, despite the controversy it caused. Global leaders are working to ease concerns about a potential economic downturn caused by 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 transparency in financial markets to ensure timely disclosure of write-offs by banks. Banks have reduced the value of their assets by over $125 billion because of the credit squeeze. Some estimates suggest that bad debts on banks' balance sheets could be as high as $600 billion. Central banks are injecting cash 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. In a speech in London's financial district, Sarkozy criticized the strength of the euro, arguing that the value of the U.S., Japanese, and Chinese currencies did not accurately reflect the strength of their economies. He has continuously expressed his dissatisfaction with the euro's increase, which reached a peak above $1.59 last week, as it negatively impacts French exporters. Sarkozy has also raised concerns about the high prices of oil and other commodities. While Britain and France are permanent members of the U.N. Security Council, efforts to expand its reach have been at a standstill. Brown and Sarkozy proposed the idea of giving some countries longer, renewable terms on the council, possibly leading to permanent seats. Sarkozy is aiming to strengthen ties with Britain in addition to the long-standing Franco-German partnership that has historically influenced the European Union. Analysts suggest that this could be due to his disagreements 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 bloc's common currency, with Brown being a frequent target of criticism. However, he showed support for Sarkozy during a joint press conference. "We also concurred that it is essential to have Britain and France at the core of Europe, a global Europe that is undergoing reform, is open, adaptable, and forward-thinking," stated Brown. Both leaders agreed on taking action on various issues, such as enhancing trade between wealthy and impoverished nations, cracking down on illegal immigration, addressing climate change, and facilitating dialogue between China and Tibet to resolve the crisis in that region.