Govt hatches plan to test Euro in ad sector

The Government is working on secret plans to place the ad industry at the forefront of its European-friendly stance by introducing the Euro as the standard currency for all advertising transactions.

The Government is working on secret plans to place the ad industry

at the forefront of its European-friendly stance by introducing the Euro

as the standard currency for all advertising transactions.



The proposals, which are being drawn up by a Labour committee, thought

to be headed by Peter Mandelson, are designed to test the efficacy of

the Euro as a transactional currency in the UK.



The ad industry has been selected as a test-bed for the introduction of

the Euro because it is one of the country’s most commercial but

contained markets.



Since UK media owners are, by their nature, confined to UK borders, few

deals are struck outside the Government’s jurisdiction, allowing for

easier monitoring of the effects of the Euro as a trading currency.



Mandelson is understood to have been assigned to the Euro Advertising

Committee earlier this year after quitting the Cabinet at the end of

1998. Tony Blair is said to believe that Mandelson’s experience with the

PR and advertising industries made him the ideal candidate for the

role.



Mandelson has already been secretly canvassing some of the country’s

biggest media owners about the possibility of changing their ratecards

to be based on the Euro.



According to sources at one leading TV company, Euro ratecards have

already been mocked up and a prototype computerised trading system is in

place to begin testing the new currency.



Meetings with the Institute of Practitioners in Advertising and the

Incorporated Society of British Advertisers are expected to take place

in the early summer in a bid to win support from the agency and client

communities.



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