Towards enriched universal algebra

Following the classical approach of Birkhoff, we suggest an enriched version of enriched universal algebra. Given a suitable base of enrichment $\mathcal V$, we define a language $\mathbb L$ to be a collection of $(X,Y)$-ary function symbols whose arities are taken among the objects of $\mathcal V$. The class of $\mathbb L$-terms is constructed recursively from the symbols of $\mathbb L$, the morphisms in $\mathcal V$, and by incorporating the monoidal structure of $\mathcal V$. Then, $\mathbb L$-structures and interpretations of terms are defined, leading to enriched equational theories. In this framework we characterize algebras for finitary monads on $\mathcal V$ as models of an equational theories.