The complete name of FP7 is the 7th Framework Programme for Research and Technological Development. It spans seven years from 2007 through 2013. This programme is a reflection of the high priority of research in Europe.
Most of the funds will be spent on grants to research actors all over Europe and beyond, in order to co-finance research, technological development and demonstration projects. Grants are determined on the basis of calls for proposals and a peer review process, which are highly competitive.