Abstract. -The effects of Macroscopic Quantum Tunneling (MQT) and Coulomb Blockade (CB) in Josephson junctions are of considerable significance both for the manifestations of quantum mechanics on the macroscopic scale and potential technological applications. These two complementary effects are shown to be clearly distinguishable from the associated noise spectra. The current noise is determined exactly and a rather sharp crossover between flux noise in the MQT and charge noise in the CB regions is found as the applied voltage is changed. Related results hold for the voltage noise in current-biased junctions.Generally, noise is considered undesirable and one searches for ways to suppress it. However, occasionally the observation of noise may provide valuable information. The presence of shot noise in electrical transport indicates the discreteness of the charge carriers and the ratio between noise and current directly measures their charge. This fact was exploited to demonstrate the fractional charge in the fractional quantum Hall effect [1,2].Noise may also be helpful in identifying a transport mechanism. Tunnel junctions often display a linear current-voltage characteristics and are therefore indistinguishable from an ohmic resistor if only the current is measured. On the other hand, noise measurements exhibit clear differences. One finds shot noise in the first and Nyquist noise in the second case corresponding to discrete and continuous charge transport, respectively.An even more interesting situation arises, when different physical mechanisms can occur as is the case for ultrasmall Josephson junctions. Such systems have been proposed as building blocks for quantum computers [3] and the operation of a superconducting box containing such a tunnel junction as a qubit has been demonstrated [4].For a single ultrasmall Josephson junction at low temperatures, it has been theoretically predicted that one may change from transport dominated by macroscopic quantum tunneling (MQT) to the regime of Coulomb blockade (CB) just by changing the applied voltage [5].