Stomatal conductance (g(s)) and photosynthetic rate (A) mere measured in young beech (Fagus sylvatica), chestnut (Castanea sativa) and oak (Quercus robur) growing in ambient or CO2-enriched air. In oak, g(s) was consistently reduced in elevated CO2, However, in beech and chestnut, the stomata of trees growing in elevated CO2 failed to close normally in response to increased leaf-to-air vapour pressure deficit (LAVPD). Consequently, while g(s) was reduced in elevated CO2 on days with low LAVPD, on warm sunny days (with correspondingly high LAVPD) g(s) was unchanged or even slightly higher in elevated CO2. Furthermore, during drought, g(s) of beech and chestnut was unresponsive to [CO2], over a wide range of ambient LAVPD, whereas in oak g(s) was reduced by an average of 50% in elevated CO2. Stimulation of A by elevated CO2 in beech and chestnut was restricted to days with high irradiance, and was greatest in beech during drought. Hence, most of the additional carbon gain in elevated CO2 was made at the expense of water economy, at precisely those times (drought, high evaporative demand) when mater conservation was most important. Such effects could have serious consequences for drought tolerance, growth and, ultimately, survival as atmospheric [CO2] increases.