So here is the first one:
The Scientific Council of the European Research Council
"The ERC will be the first pan-European funding agency for frontier research. Early stage as well as fully established investigators from across Europe will be able to compete for ERC grants with scientific excellence as the sole criterion for funding. [...]
We intend to establish the ERC as a truly outstanding research funding agency. We aim to attract the very best researchers at all stages of their careers, starting with those who are embarking on their independent careers. Our aspiration is that the ERC will make a vital contribution to European science by offering talented individuals the resources and visibility to develop their creativity and reach their full potential."
So, after exploring it for a while i can post a little overview:
The Scientific Research Council is willing to support "young independant excellent researchers". The main idea is to help people to do their research independently, to make a transition from a working under supervisor to being a research leader yourself. There will be several Panels for different science areas established to review the applications.
Approximately 200 projects will be supported annually, sponsoring with a third of annual budget of ERC (~300 m per year). Grants will be given for the work carried out under the leadership of the investigator as a named individual. The scheme will be open for those researches who wish to return or move to EU (or associated countries) and to take a position in some research or academic institution under condition they have a prior agreement with that host institution.
The Principal Investigator must have been awarded his/her first PhD (or equivalent doctoral degree) more than 2 and less than 9 years prior to the deadline of the call for proposals.
The first call for proposal starts on 19 of March, and finishes on 25 of April, 2007. Submissions have to be made via EPSS tool (Electronic Proposal Submission Systems).