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There are few policy makers in Europe who are both active on the current front lines and who have played a central role in managing the crises of 2008-2012. One of them is Mr Olli Rehn, the Governor of the Bank of Finland and member of the Governing Council of the European Central Bank. In this conversation with Jeromin Zettelmeyer, Mr Rehn touched upon issues of monetary policy, fiscal rules and the EU economic governance. As an experienced crisis manager, he compared the financial and eurozone crises 2008-2012 with dangers faced by the EU today, as well as reflect on recent policy developments: the energy crisis, IRA, etc. How are the most recent crises different from previous ones? How have EU institutions evolved? What is the relationship between the European Commission and member states, and the one among member states? Is the EU on the right track, and what is missing?