In a situation in which money were to be issued by many different issuers as in Hayek’s proposal and, either because of over-issuing by some agents or because of poor investment decisions, these issues failed to trade at parity, then many different numeraires could emerge. In principle, there could, in the end, be as many numeraires as there are issuers.
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%”.