  We combine old ideas about exact renormalization-group-flow (RGF) equations
with the Vilkovisky-De Witt (VDW) approach to reparametrization invariant
effective actions and arrive at a new, exact, gauge-invariant RGF equation. The
price to be paid for such a result is that both the action and the RGF equation
depend explicitly upon the base point (in field space) needed for the VDW
construction. We briefly discuss the complications originating from this fact
and possible ways to overcome them.
