Astrophys.J. 622 (2005) 508-519 Multiwavelength observations of Galactic black hole (GBH) transients during the state transitions and in the low/hard state may provide detailed information on the accretion structure of these systems. 4U1543-47 is a GBH transient that was covered exceptionally well in X-ray and infrared (daily observations) and reasonably well in optical and radio during its outburst decay in 2002. When all the available information is gathered in the intermediate and the low/hard state, 4U1543-47 makes an important contribution to our understanding of state transitions and the role of outflows on the high energy emission properties of black hole binaries. The evolution of the X-ray spectral and temporal properties and the IR light curve place strong constraints on different models for explaining the overall emission from accreting black holes. The overall spectral energy distribution is consistent with synchrotron origin for the optical and infrared emission, however, the X-ray flux is above the power-law continuation of the optical and infrared flux. The infrared light curve, the HEXTE light curve and the evolution of the X-ray photon index indicate that the major source of hard X-rays cannot be direct synchrotron radiation from an acceleration region in a jet for most of the outburst decay.