The Council agreed to submit terms of reference to the European Council with a view to preparation, at its meeting on 17 June, of the G-20 summit in Toronto on 26 and 27 June 2010.

The Toronto summit will focus on recovery from the global economic and financial crisis and on implementation of commitments from previous G-20 summits, and will continue to lay the foundations for sustainable and balanced growth.

Established in 1999 following the Asian financial crisis of 1997, the G-20 involved annual meetings of finance ministers and central bank governors until 2008. G-20 leaders met for the first time in Washington in November 2008 in order to develop a coordinated response to the global economic crisis. This was followed by summits in London in April 2009 and in Pittsburgh in September 2009, where the G-20 was designated as the premier forum for international economic cooperation.

Over the course of the three summits, G-20 leaders agreed on measures to restore economic confidence and on actions to strengthen financial regulation. They also committed to reform international financial institutions, to promote trade and resist protectionism.

The Council took stock of preparations for the meeting of G-20 finance ministers and central bank governors that is due to take place in Busan (South Korea) on 4 and 5 June 2010. It endorsed terms of reference setting out the EU position for the meeting.