Les Rouge et Blanc were clearly fired up for this game, as they made a blistering start and put the hosts’ defence under immediate pressure.
After only five minutes played, Maghnes Akliouche fired a shot on target that was superbly tipped over the bar by Guillaume Restes, before the visitors made the breakthrough on their very next attack, as Jordan Teze headed home a superb delivery from Simon Adingra to net his first Ligue 1 goal of the season.
With Toulouse’s defence all over the place, Adingra almost added his name to the scoresheet when his close-range strike was denied by Restes shortly before the quarter-hour mark.
Monaco doubled their advantage in ruthless fashion on 18 minutes, however, thanks to an outstanding finish into the top corner from Lamine Camara.
While playing nowhere near their best, Carles Martinez Novell’s side should have halved the deficit midway through the first half, but Jacen Russell-Rowe’s effort was dragged wide when he should have done better from a great position.
After a fairly quiet start to the second half, the contest kicked into life again just after the hour mark as Toulouse secured a lifeline.
Dayann Methalie’s exquisite pass across the face of goal found Russell-Rowe inside the box, and the Canada international made no mistake this time to drill the ball past Lukas Hradecky and into the back of the net to set up an intriguing finale.
As full-time loomed, it looked like Toulouse would run out of time to grab an equaliser, but Emersonn had other ideas, and popped up at the right place at the right time in the 90th minute to grab a dramatic goal and level the game at 2-2 to send the home crowd into raptures.
Les Rouge et Blanc stay in seventh place in the Ligue 1 table and sit three points behind fourth-placed Lille OSC with the finishing straight in sight. Meanwhile, Toulouse move up to 10th after ending a run of three consecutive league defeats.
Flashscore Man of the Match: Jordan Teze (Monaco)