The G20 leaders met in Toronto, Canada on 26-27 June 2010 in the context of slightly reduced global financial turmoil. The leaders decided that the previously-agreed globally coordinated fiscal and monetary stimulus was helping to restore private demand and lending. However, leaders also agreed that serious challenges remained, such as ongoing high levels of unemployment.

To continue to improve the world’s economic circumstances, through the G20 Toronto Summit Declaration, leaders agreed to the following steps:

• Follow through on delivering existing stimulus plans, while ultimately working to create the conditions for robust private demand;
• Implement credible, properly phased and growth-friendly plans to deliver fiscal sustainability, differentiated for and tailored to national circumstances;
• Make further progress on reforms designed to increase the transparency and strengthen the balance sheets of the world’s financial institutions, and support credit availability and rapid growth, including in the real economy;
• Build a better regulated and more resilient financial system that serves the needs of G20 citizen through a strong regulatory framework, effective supervision, resolution and addressing systemic institutions, and transparent international assessments and peer reviews;
• Complete the reforms of the international financial institutions, including implementing  an open, transparent and merit-based selection processes for the heads and senior leadership of all international financial institutions;
• Strengthen social safety nets, and enhance corporate governance reform, financial market development, infrastructure spending, and greater exchange rate flexibility in some emerging markets;
• Agree to a variety of measures to facilitate commerce, such as a call for the ratification and full implementation by all G20 members of the United Nations Convention against Corruption (UNCAC) and encourage others to do the same; and
• Renew for a further three years, until the end of 2013, the commitment to refrain from raising barriers or imposing new barriers to investment or trade in goods and services, imposing new export restrictions or implementing World Trade Organisation-inconsistent measures to stimulate exports, as well as ensuring a successful completion of the Doha Development Round.