Electric and Magnetic Dipole Moments

<!--HTML--><h4>Outline of the lecture:</h4> The stringent limit on the electric dipole moment of the neutron forced the issue on the strong CP-problem. The most elegant solution of which is the axion field proposed by Peccei and Quinn. The current limit on the QCD parameter theta coming from the limit on the neutron EDM is of order 10^-10. I am going to describe the present status on the neutron EDM searches and further prospects on getting down to theta_qcd sensitivity of 10^-13 with the new deuteron EDM in storage rings proposal. For completeness the current status and prospects of the muon g-2 experiment will also be given.