The Alcohol and Health Forum, which currently consists of 40 businesses and non governmental organisations (NGOS), will aim to reduce excessive alcohol consumption particularly amongst young people in the bloc.
The issue of consumption is becoming an increasing concern to both governments and consumers as fatality rates linked to alcohol continue to rise. With the industry keen to work with the government to maintain some form of self regulation within its operations, the forum will work to bridge the demands of both industry and society.
To do this, the group will offer greater education for young people on the dangers of drinking, while putting curbs on irresponsible alcohol advertising and sales practices.
The forum, which will meet twice a year, will be open to any producers or groups which can detail an action plan on how they will contribute to reducing excessive consumption.
These initiatives will also be made public, so that the members can be judged on how they are faring. It will also allow other producers and NGOs to adapt the more successful initiatives, to better curb excessive alcohol consumption.
Along with self regulatory policies, the body will also establish a science group to advice on both scientific and policy issues. This work will also be backed by task forces, with two already established to cover marketing communication and youth-specific issues.
EU Health Commissioner Markos Kyprianou, said that the forum was an important step in making everyone involved within the alcohol industry take greater responsibility for their practices.
"In particular I expect the alcoholic beverages industry to market their products responsibly," he stated.
"The media, advertisers, retailers, as well as owners of pubs and bars should also contribute to changing attitudes and behaviours, especially among young people."
While encouraged by the moves from both industry and NGO's on alcohol consumption, EU estimates suggest that the forum may face a long battle ahead.
Excessive consumption of alcohol is estimated to kill 200,000 Europeans a year, according to the bloc's figures.
This pattern is attributed predominantly to men aged 15 - 29 with one in four of alcohol related deaths coming from this demographic.
Though women were found to fair better in the study, estimates still claim that alcohol is responsible for the death of one in ten females belonging to the same age group.