The low energy effective field model for the multilayer graphene (at ABC stacking) is considered. We calculate the effective action in the presence of constant external magnetic field $B$ (normal to the graphene sheet). We also calculate the first two corrections to this effective action caused by the in-plane electric field $E$ at $E/B ll 1$ and discuss the magnetoelectric effect. In addition, we calculate the imaginary part of the effective action in the presence of constant electric field $E$ and the lowest order correction to it due to the magnetic field ($B/E ll 1$).
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