Do we run away because we are frightened, or are we frightened because we run away? The authors address this issue with respect to the relation between metacognitive monitoring and metacognitive control. When self-regulation is goal driven, monitoring effects control processes so that increased processing effort should enhance feelings of competence and feelings of knowing. In contrast, when self-regulation is data driven, such feelings may be based themselves on the feedback from control processes, in which case they should decrease with increasing effort. Evidence for both monitoring-based control and control-based monitoring occurring even in the same situation is presented. The results are discussed with regard to the issue of the cause-and-effect relation between subjective experience and behavior.