The European Research Council (ERC), the first pan-European funding body set up to support investigator-driven frontier research, has been newly established to stimulate scientific excellence by supporting and encouraging the very best scientists, engineers and scholars. The ERC complements other funding activities in Europe such as those of national research funding agencies, and is a flagship component of the Ideas Programme of the European Union´s Seventh Framework Programme (FP7). From 14-15 May, Prague and the ASCR Main Office Building hosted the ERC Scientific Council Meeting. and Pavel Exner.