The complete name of FP7 is 7th Framework Programme for Research and Technological Development. It will last for seven years from 2007 until 2013. The programme has a total budget of over € 50 billion. FP7 is a key tool to respond to Europe's needs in terms of jobs and competitiveness, and to maintain leadership in the global knowledge economy. The money will (for the most part) 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. Numerous programmes, initiatives and support measures are carried out at EU level in support of knowledge.

FP7 is also a key pillar for the European Research Area (ERA). The broad objectives of FP7 have been grouped into four categories: Cooperation, Ideas, People and Capacities.