It is shown that the only functionals, within a natural class, which a
re monotonic in time for all solutions of the vacuum Einstein equation
s admitting a smooth ''piece'' of conformal null infinity T, are those
depending on the metric only through a specific combination of the Bo
ndi ''mass aspect'' and other next-to-leading order terms in the metri
c. Under the extra condition of passive EMS invariance, the unique suc
h functional (up to a multiplicative factor) is the Trautman-Bondi ene
rgy. It is also shown that this energy remains well defined for a wide
class of ''polyhomogeneous'' metrics. [S0556-2821(98)05916-5].