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The Toronto summit, under the theme of "Recovery and New Beginnings," is the first in its new capacity as the world's premier forum for international economic cooperation, as determined at the previous summit in Pittsburgh, the United States last September.
Regarding the financial sector reform, the Toronto summit welcomes the full implementation of the European Stabilization Mechanism and Facility, the EU decision to publicly release the results of ongoing tests on European banks, and the recent U.S. financial reform bill.
During the Toronto summit, world leaders have agreed that more work is needed to further strengthen the global financial system. And the amount of capital will be significantly higher and the quality of capital will be significantly improved when the new reforms are fully implemented.
Meanwhile, regulatory oversight of financial operations like hedge funds, credit rating agencies and over-the-counter derivatives, which are under much criticism, will be more transparent in an internationally consistent and non- discriminatory way.
The banking levy and financial transaction tax, proposed by a few European countries, were not included in the declaration. It will be "left for individual nations," said Harper.
The G20 summit declaration again recognized the importance of reforming international financial institutions like the World Bank and International Monetary Fund.