These Framework Programmes are a regular thing in Europe. It's think its in principle a good thing that the EU are spending these sorts of sums of money on R&D (more would be better!) however it's not entirely clear to me that this is the best way to go about it.
The FPs have "themes" which seem to be drawn up somewhat at random, and lack a coherent vision. Eg. if the theme is "infrastructure" they'll happily fund the construction of a new laboratory, but will refuse to fund anybody to work in it. Some of the programmes in past FPs have been about encouraging mobility within the EU ... so basically you can apply for grants of hundreds of thousands of Euros to travel around Europe visiting your mates (dressing it up as scientific collaboration of course).
In the end some of the money thrown at science does stick and does do some good. It could be spent better though I think. But then that's the EU all over...
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