Conceived in Paris in 1998 and born in 1999 in Bologna, the European higher education reform initiative known as the Bologna Process approaches its fifteenth birthday. As is the case with some adolescents, there are problems. If we were to plan a party for the occasion, we might encounter diverse reflections. First, we would be proud of what our honoree has accomplished. Second, we would regret that some of the honoree's aspirations have not been fulfilled, for reasons both indigenous and external. To be fair we would have to acknowledge how exploitation and misunderstanding have impeded Bologna's efforts. And we would have to concede that the environment for change in recent years has proved inhospitable. Third, we would feel concerns for the future based on what we see in the present. Finally, we might find ourselves looking beyond the accomplishments, the shortfalls, and the problems to question whether the values evident in the birth and growth of the Bologna Process are likely to sustain it over the long term. If the vision of Bologna should prove insufficient to sustain its agenda, the most important accomplishment of the Bologna Process may be its having established a base camp from which a more important climb can begin.