U.S. Treasury Secretary Henry Paulson said on Monday he expected market turbulence to continue for a while, but said the current turmoil was occurring against the backdrop of global financial strength.
Paulson said bad lending practices were at fault in recent financial market turmoil.
Speaking at a joint news conference with French Economy Minister Christine Lagarde, Paulson said he welcomed French steps to promote growth and said the two countries were entering a new era in their relations.
Paulson said he had confidence in Federal Reserve Chairman Ben Bernanke but said he would not comment on other countries' central banking.