The EIAA, which is to be headquartered in London, includes eight founder members. They are: AdLINK Internet Media, AOL Europe, IP-WEB.NET, Lycos Europe, MSN Europe, Tiscali, T-Online International and Yahoo! Europe.
Unlike the existing network of European Internet Advertising Bureaux, which represent agency and advertiser interests, the EIAA will represent media owners selling online advertising space.
Michael Kleindl, the chief executive of AdLINK, will chair the organisation with representatives from MSN and AOL also on the board of the EIAA.
The body has been founded with several main objectives. Its main goal will be to improve understanding of the internet as an advertising medium through working groups and research studies.
It will also work on improving audience measurement standards, as well as marketing the internet as a generic medium.
Kleindl said that the EIAA's first piece of research focuses on a comparative study of the strengths of the internet against traditional media such as television and print.
"We support the IABs of all countries, but the EIAA is for media selling organisations only, he said.
"It will also have a central structure on a pan-European level, and in terms of resources we have commitments from all the founding members to back the EIAA, Kleindl added.