World leaders at the close of Toronto's G20 summit have agreed to a Canadian-led plan for industrialized nations to slash their deficits in half by 2013.
In the G20's final communiqué released on Sunday, the leaders also gave each other plenty of leeway in meeting the deficit reduction targets and let countries choose their own path on ensuring taxpayers don't have to foot the bill for bank bailouts.
Speaking as the host nation at the end of the summit, Canadian Prime Minister Stephen Harper said the leaders came to Toronto amid "growing concerns" of swelling deficits and agreed on the need for fiscal consolidation.
Harper said the G20 still has a lot to do to "entrench the global economic recovery" but has taken important steps with the agreement.
The communiqué recognizes that not all countries are in the same position, which means the policies could be "tailored" to each country's circumstances.
As anticipated, a proposed bank tax — a measure vehemently opposed by the Canadian government — was not included in the final communiqué.
Instead, the G20 statement said countries can decide on their own whether to pursue a financial levy or follow "other options."
Canadian Prime Minister Stephen Harper, front row, sixth from left, and leaders of the international community take part in the family photo at the G20 summit in Toronto on Sunday.
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