Young trees of European beech (Fagus sylvatica) acclimated for one growing season to ambient (c. 367 µl l −" ) or elevated CO # levels (c. 660 µl l −" ) were exposed during the subsequent year to combinations of the same CO # regimes and ambient or twice-ambient ozone (O $ ) levels (generated from the database of a rural site). By the end of June, before the development of macroscopic leaf injury, the raised O $ levels had not affected the light and dark reactions of photosynthesis. However, acclimation to elevated CO # had resulted in lowered chlorophyll and nitrogen concentrations, whereas photosynthetic performance, examined over a wide range of parameters from light and dark reactions, remained unchanged or showed only slight reductions (e.g. apparent electron transport rate, ETR ; apparent quantum yield of CO # gas exchange, Φ CO# ; apparent carboxylation efficiency, CE ; and photosynthetic capacity at light and CO # saturation, PC). In August, after the appearance of leaf necroses, plants grown under ambient CO # and twice-ambient O $ conditions declined in both the photosynthetic light reactions (optimum electron quantum yield, F v \F m , non-photochemical energy quenching, NPQ, reduction state of Q A , apparent electron quantum yield, Φ PSI I, maximum electron transport rates) and the dark reactions as reflected by CE, Φ CO# , as well as the maximum CO # uptake rate (i.e. PC). CE, Φ CO# and PC were reduced by c. 75, 40 and 75%, respectively, relative to plants exposed to ambient CO # and O $ levels. By contrast, plants exposed to twice-ambient O $ and elevated CO # levels maintained a photosynthetic performance similar to individuals grown either under ambient CO # and ambient O $ , or elevated CO # and ambient O $ conditions. The long-term exposure to elevated CO # therefore tended to counteract adverse chronic effects of enhanced O $ levels on photosynthesis. Possible reasons for this compensatory effect in F. sylvatica are discussed.