Low Energy Effective Action in N=2 Yang-Mills as an Integrated Anomaly

Based on chiral ring relations and anomalies, as described by Cachazo, Douglas, Seiberg and Witten, we argue that the holomorphic effective action in N=2 Yang-Mills theory can be understood as an integrated U(1) anomaly from a purely field theory point of view. In particular, we show that the periods of the Riemann surface arising from the generalized Konishi anomaly can be given a physical interpretation without referring to special geometry. We also discuss consequences for the multi-instanton calculus in N=2 Yang-Mills theory.