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The main result of the present paper is to establish that a local version of the error threshold, which is called a localization threshold, defines limits of metastability of macromolecular distributions around locally ''best'' sequences with an expression for the metastable lifetime. These metaspecies succeed one another in a fashion epitomizing the Darwinian optimization principle. On the other hand, beyond the localization threshold, ''survival of the survivor'' narrowing and ''random drift'' diffusion compete to provide a fluctuating dynamics in which some information is nevertheless dynamically preserved. The programme proves both natural and instructive to first consider a linear theory.    In section 2, a hierarchy of equations for the probability distribution of the populations of the various mutation coupled sequences is formulated. In the same time, the asymptotic reduction to deterministic behaviour is established. 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