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Statement on the Monetary Council meeting of 11 November

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1 At its meeting on 11 November 2002, the Monetary Council left the central bank base rate unchanged at 9.50%.

2 The Council discussed and approved for publication the Bank's Quarterly Report on Inflation, to be published on 19 November. The Council's evaluation of domestic economic conditions is being issued in a separate press release.

3 At its meeting, the Council hosted Mr Klaus Liebscher, Governor of the Oesterreichische Nationalbank. Mr Liebscher shared with members of the Council some lessons learned from Austria's accession to EMU and adoption of the euro as well as experiences with the operations of the European Central Bank.