Confronted by a financial and economic shock unmatched in the postwar era, leaders of the Group of 20 have been united in their commitment to take all necessary action to restore global growth. To date, the fiscal, monetary and financial policy response across the G20 countries has been unprecedented – amounting to the largest global stimulus the world has seen.

Signs of renewed stability in global financial markets confirm that the G20 policy measures put in to place are working. China, South Korea and other Asian countries are leading the way, while in June France, Japan and Germany recorded their first positive quarter of growth since early 2008.

While such positive news has helped restore confidence, a global recovery is not assured. This is no time to be complacent. The world faces several new challenges that will require leadership from the G20.