1 A new start for local composite operators

We present a formalism for local composite operators. The corresponding effective potential is unique, multiplicatively renormalis-able, it is the sum of 1PI diagrams and can be interpreted as an energy-density. First we apply this method to λφ 4 theory where we check renormalisability up to three loops and secondly to the Coleman-Weinberg model where gauge independence of the effective potential for the local composite operator φφ * is explicitly checked up to two loops.