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Default Does Excel do "just-in-time" compilation?

Sort of associated with my last question, but how does Excel execute a VBA
application:

o Is it interpreted or does it compile the VBA code into either native
assembler or some kind of p-code?
o If compiling, does it recompile everything at the start (e.g. auto_open)
or as classes, forms etc. are initiated

I'm suspecting it's not purely interpreted.

Thanks, Rob.


 
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