We consider the low-energy effective action for the Coulomb phase of a
n N = 2 supersymmetric gauge theory with a rank one gauge group. The N
= 2 superspace formalism is naturally invariant under an SL(2,Z) grou
p of duality transformations, regardless of the form of the action. Th
e leading and next to leading terms in the long distance expansion of
the action are given by the holomorphic prepotential and a real analyt
ic function respectively. The latter is shown to be modular invariant
with respect to SL(2,Z).