Antarctica's governing framework preserves the positions of countries with and without territorial claims while supporting peaceful scientific activity. The Treaty Secretariat identifies national research programmes and international operational coordination, rather than a unified sovereign financial system. Financial comparisons therefore need the operating programme, payer, contract currency and accounting period; assigning a claimant country's policy rate to the entire continent would misrepresent that institutional setting. Monetary conditions relevant to a national programme's funding remain those of its actual financing arrangements. Treaty governance, programme budgets and commercial operators' accounts should be analysed separately, without inventing a continent-wide currency authority or monetary-policy cycle.
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