The European Union's Seventh Framework Programme for Research and Technological Development (FP7) is the EU's main instrument for funding research in Europe and it will run from 2007-2013. The programme has a total budget of over €50 billion. This represents a substantial increase compared with the previous Framework Programme FP6 (41% at 2004 prices, 63% at current prices), a reflection of the high priority of research in Europe. FP7 is also designed to respond to Europe's employment needs, competitiveness and quality of life.