Toto Wolff said Mercedes' "fierce fight" with Ferrari this season has reignited his love of Formula One.
Mercedes have dominated the sport in the last three years, but Ferrari have been resurgent in what has been a gripping 2017 campaign so far.
Sebastian Vettel leads the driver standings for F1's most successful team, but Lewis Hamilton's victory in Barcelona last time out cut the German's lead to six points.
Mercedes are ahead in the constructors' standings by eight points and Silver Arrows boss Wolff is relishing a battle that is set to continue at the Monaco Grand Prix this weekend.
"It's always good to come away from a race weekend with a points advantage, no matter how small. But the gap is just that: very small. We are in a massive fight with Ferrari." said Wolff.
"On one side, this is very exciting and challenging. But on the other side, it is going to stretch us to our limits. You cannot base your current assessment on the balance of power on just Barcelona.
"We expect Monaco to be a completely different ball game to Barcelona. The circumstances, working environment and driving challenges are completely different to anywhere else - and you need to get everything exactly right if you want to perform to your maximum around those streets.
"Not every factor is under your control, either, so you need to turn fortune in your favour at the right time if you want everything to come together.
"Monaco is also one of our busiest races. We welcome many guests, executives and partners, who all contribute to our success in different ways. It's extra special to have this group cheering for us, so we look forward to their support at the track.
"Every weekend will push us to the limit; this is the new reality of Formula One in 2017. The last three years were extraordinary. But this season I have re-discovered why I love the sport.
"I love the intense competition. This competition means that you won't be winning easily - but that you'll have a fierce fight on your hands. Because of that, the feeling is even greater when you manage to come out on top, as we did in Spain.
"If we get the job done in Monaco, I'm pretty sure we'll bring down the garage roof. We're all properly fired up for this fight, so let's see what we can do..."