In the presence of many numeraires or, more meaningfully, in the absence of a single numeraire, financial communication, based on the common 12  As is well known by now, the Governing Council of the ECB has not opted for strict price stability as an objective but has rather defined price stability “as a year-on-year increase in the Harmonised Index of Consumer Prices (HIPC) for the euro area of below 2%”.
Price stability, according to this definition, “is to be maintained over the medium term”. 5  BIS Review 66/1999  money language which would be provided by a single numeraire, would degenerate.