WASHINGTON, May 16: US Treasury Secretary Henry Paulson said on Friday he believes the financial crisis is winding down, but that it would take some time to fully emerge from the economic malaise.

“In my judgment we are closer to the end of the market turmoil than the beginning,” Paulson said in a speech in Washington to business leaders.

“Looking forward, I expect that financial markets will be driven less by the recent turmoil and more by broader economic conditions and, specifically, by the recovery of the housing sector,” he said in remarks prepared for delivery.—AFP