The altitude dependent variability of ozone in the polar stratosphere is regularly observed by balloon-borne ozonesonde observations at Neumayer Station (70°S) in the Antarctic and at Koldewey Station (79°N) in the Arctic. The reasons for observed seasonal and interannual variability and long-term changes are discussed. Differences between the hemispheres are identified and discussed in light of differing dynamical and chemical conditions. Since the mid-1980s, rapid chemical ozone loss has been recorded in the lower Antarctic stratosphere during the spring season. Using coordinated ozone soundings in some Arctic winters, similar chemical ozone loss rates have been detected related to periods of low temperatures. The currently observed cooling trend of the stratosphere, potentially caused by the increase of anthropogenic greenhouse gases, may further strengthen chemical ozone removal in the Arctic. However, the role of internal climate oscillations in observed temperature trends is still uncertain. First results of a 10 000 year integration of a low order climate model indicate significant internal climate variability, on decadal time scales, that may alter the effect of increasing levels of greenhouse gases in the polar stratosphere.