This book outlines the development of the Bologna Process, reviewing how it came into existence and the milestones reached over the past decade. It provides a critical examination of the state of implementation of its main policy action lines - such as comparable degree structures and quality assurance systems - and assesses its impact in fostering greater student mobility, widening participation in higher education, and developing lifelong learning. The impact of the Bologna Process as a driver of reform is set against challenges in implementing agreed goals. And the authors point to the diversity of results across the 47 signatory countries, highlighting problems with the use of instruments at the institutional level. The book also discusses how the Bologna Process has become a focus of attention for higher education policy-making around the world, presenting examples of the policy initiatives it has inspired. Finally, it considers the lessons to be learned from this European experience, and the challenges to be met in the future.