The original purpose of component-based development was to provide techniques to master complex software, through composition, reuse and parametrisation. However, such systems are rapidly moving towards a level in which software becomes prevalently intertwined with (continuous) physical processes. A possible way to accommodate the latter in component calculi relies on a suitable encoding of continuous behaviour as (yet another) computational effect. This paper introduces such an encoding through a monad which, in the compositional development of hybrid systems, may play a role similar to the one played by 1+, powerset, and distribution monads in the characterisation of partial, nondeterministic and probabilistic components, respectively....