The Project also aims to allay any concerns the public may have about the safety of the technology and its impacts on the environment and human health.
Public knowledge and acceptance
With the increasing number of nanotechnology-based products that are reaching the market the commission has said it wishes to boost public knowledge of the technology and engage in an open dialogue with citizens, member states and other stake holders.
In addition, the commission is promoting nanotechnology research in order to provide more information on nanomaterials, their use and their safety.
"The legislation that is already in place is adequate and covers a wide range of industries, however we want to be sure that as the technology progresses the legislation develops alongside," EU spokesperson for enterprise and industry Ton Van Lierop told CosmeticsDesign.com.
Nanotechnology has the potential to provide huge benefits to the economy, but a sharp eye must be kept on its development, he added.
The consultation has not yet begun however Van Lierop explained that it would take into account the views of all interested parties, including industry, the public and research bodies, asking whether future developments of the technology will pose specific regulatory challenges.
Nanotech holds significant economic potential
Estimates of the future market for nanotechnology range from €750bn to €2,000bn by 2015 according to the commission, with predictions for the number of new jobs created by the industry standing at around 10 million.
Clearly this kind of opportunity cannot be missed by the EU and the commission is aiming to find ways that the technology can be exploited without compromising human health and the environment.
"A reliable and stable regulatory framework is essential for enabling the EU's industry to fully exploit the advances of nanotechnologies. With the right structures in place they will boost innovation and contribute to growth, employment creation and competitiveness," said Commission vice-president Gunter Verheugen.
European health commissioner Androulla Vassiliou added that the technology must be developed in a safe, responsible way, involving all stakeholders so that new applications in health can be of real benefit to EU citizens.
Although nanoparticles are incorporated into many cosmetics products, particularly sunscreens, their use remains controversial with many consumer groups calling for tighter regulation of the technology.
Safety concerns
Fears have surrounded the nature of the tiny particles and whether or not their size affects their toxicity.
In recent months both the Australian organic certification body the BFA, and the British equivalent the Soil Association have stated that any product containing this 'untested' technology cannot be certified organic.
However, many industry insiders contest the concerns surrounding the technology saying that, if nanoparticles are included in products, it is because their safety has been tested and found to be acceptable.
A report published earlier this month from scientists at the University of Queensland, Australia in collaboration with researchers at L'Oreal stated that nanoparticles do not pose a risk to human health.
The study reviewed much of the available toxicity data on nanoparticles in cosmetics and sunscreens and concluded that there was no evidence to suggest that nanoparticles actually penetrate the epidermis or the dermis.
The scientists therefore concluded that the fear that nanoparticles can penetrate the skin, get access to the lymphatic system and circulate around the organism is 'simplistic and physiologically improbable'.
