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
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
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