FP7 is the short name for the European Union's 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 2007-2013. FP7 is also designed to respond to Europe's employment needs, competitiveness and quality of life.
More information and relevant links are available on the FP7 home page.
For a brief introduction and overview there are some 'pocket guides' available for download: