(22 Dec 2008)
1. Wide of Copacabana Palace hotel
2. Mid of Brazilian flag flying from hotel
3. Entrance to Copacabana Palace hotel
4. Pan from business leaders attending second Brazil-European Union Summit to podium
5. French president Nicolas Sarkozy and Brazilian president Luiz Inacio Lula da Silva
6. Mid of European Commission Jose Manuel Barroso
7. Wide of da Silva speaking on podium
8. SOUNDBITE: (Portuguese) Luiz Inacio Lula da Silva, President of Brazil:
"We all know that the price of oil should never have reached 150 dollars a barrel. We all know that the cost of food should not have reached the prices that we saw in May and June. Even if you compare the amount in the global stock to what was consumed, there were no parameters for the price of oil or of food to increase the way they did. What caused this? It was all caused by speculation in the futures market."
9. Cutaway of media
10. Sarkozy walking to podium
11. Wide of Sarkozy speaking
12. SOUNDBITE: (French) Nicolas Sarkozy, President of France:
"He (da Silva) may not be from the same continent or follow the same political ideals, he does what he chooses to do, as do I. But when he speaks, I understand him; because when he speaks, it is to say something. There are others who speak without saying anything."
13. Wide of event
14. SOUNDBITE: (Portuguese) Jose Manuel Barroso, President of European Commission:
"We hope the new North American administration, that President Barack Obama could bring some energy and determination so that all of us in the business world could find some solution and reach some agreement in the Doha Round treaty. Brazil and the European Union worked together in this sense and we hope to continue to do so."
15. Wide of da Silva and Sarkozy hugging each other
STORYLINE:
Brazilian President Luiz Inacio Lula da Silva said on Monday that financial "speculation" was the main culprit in the rise of food and oil prices earlier this year, in an address to the second Brazilian and European Union summit.
Silva was joined by French President Nicolas Sarkozy and European Commission President Jose Manuel Barroso in Rio de Janeiro.
President Silva commented on the financial crisis and what he described as the speculation which led to the increase in the price of food and oil.
"We all know that the price of oil should never have reached 150 dollars a barrel. We all know that the cost of food should not have reached the prices that we saw in May and June," he said.
"What caused this? It was all caused by speculation in the futures market," Silva added.
Sarkozy, who is also inaugurating festivities for the Year of France in Brazil during his visit, said although his politics may differ from da Silva's he always "understands what he's saying."
Barroso meanwhile said one of the most crucial moments in the Brazil-EU partnership came during the failed attempt to pass the Doha Round agreements.
Barroso called upon US president-elect Barack Obama to use his "energy and determination" to come to some form of agreement.
Sarkozy is in Brazil with his wife, Italian singer Carla Bruni, whose father lives in Rio de Janeiro state.
According to Brazilian media reports, the two are planning on staying in the South American country throughout the holidays.
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