Very neat, although they don't really mention who is going to pay for what. From the press release:
The European framework programme for research and innovation Horizon 2020, with a budget of €70 billion, is the world’s largest cross-border programme. An evaluation of the previous EU research programme shows that every euro invested in research and innovation generated an estimated eleven euros, for example through innovations, new technologies and products. This is why the European research and innovation ministers want to encourage large-scale investment in knowledge. In Horizon 2020, besides impact and cross-border cooperation, excellence is the most important condition for acquiring European funding.