FP7 is the short name for the Seventh Framework Programme for Research and Technological Development. This is the EU's main instrument for funding research in Europe and it will run from 2007 to 2013. The EC budget for the next seven years is € 50.5 billion and the Euratom budget for the next five years is € 2.7 billion1. Overall, this represents a 41% increase from FP6 at 2004 prices and 63% at current prices. FP7 is also designed to respond to Europe’s employment needs and competitiveness. FP7 supports research in selected priority areas - the aim being to make, or keep, the EU as a world leader in those sectors.