We propose a new approach to study the evolution of a quantum state that is encoded in a system which is continuously subject to the operations required to implement a quantum error correcting code. In the limit of continuous error correction we introduce a Markovian master equation that includes the effects of: a) Hamiltonian evolution, b) errors caused by the interaction with an environment and c) error-correcting operations. The master equation is formally presented for all stabilizer codes and its solution is analyzed for the simplest such code.

10 pages with 2 figures. Submitted to Proc. Roy. Soc. Lond. A