The Group of 20 rich and emerging nations later this week will warn against complacently assuming a sustainable global economic recovery, while admitting sickly public finances could hurt long-term growth, a draft G20 document shows.

The European Union will push for taxes on banks and financial transactions, a proposal likely to draw opposition from Canada and other countries who say their banks weathered the financial crisis well and should not be penalized.

The G20, which meets in Toronto this weekend, has claimed credit for a strong, unified crisis response that helped prevent a global recession in 2008 from becoming a depression.

But as the economy recovers, G20 unity is fraying.

The group still must forge consensus on controversial topics such as how quickly to shrink government deficits, how best to strengthen banks so that they can withstand any new downturn, and how to harmonize financial regulatory reforms.

The draft version of the summit communique, obtained by Reuters and dated June 11, reflected divisions over which policy priority ought to take precedence — supporting still-shaky growth or shrinking budget deficits.

Bank of Canada Governor Mark Carney said governments must plan for austerity but not rush to belt-tighten all at once.

“It’s a question of getting the balance right,” Carney said in an interview with Reuters Insider.

“Nobody should be looking to balance their budget next year. Nor should anybody be in a position where they think there’s no need to start laying out a plan to stabilize their debt position, the United States included.”

Europe’s simmering debt troubles served as a reminder that when markets lose faith in governments’ ability and willingness to rein in spending, borrowing costs soar and countries are forced into swifter, harsher fiscal fixes.