Abstract
We investigate a collective excitation (Leggett's mode) corresponding to small fluctuations of the relative phase of two condensates in two-band superconductor using the effective ``phase only'' action. We consider the possibility of observing Leggett's mode in MgB$_2$ superconductor and conclude that for the known at present values of the two-band model parameters for MgB$_2$ Leggett's mode arises above the two-particle threshold.
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