This article deals with the Bologna Process (BP), which since its creation in 1999 has deeply influenced European higher education: What is it? How did it come into being? How far has it come? The BP is both a political phenomenon and a reform taking place in European higher education. As a political phenomenon it consists of a series of multilateral conferences in which nearly all European countries participate, both European Union (EU) and non-EU members. The BP has produced a governance structure of its own, in which the EU is also engaged through the membership of the European Commission. As a transformation (harmonization) of European higher education systems, the pan-European BP moves towards a common, more or less Anglo-Saxon, model based on, for instance, the introduction of a two-cycle structure (Bachelor and Master), a system of comparable credits, cooperation in quality assurance, and the promotion of student and staff mobility. The BP can be analyzed from an International Relations perspective, which regards it as an international policy process with, on the one hand, decision making resulting in common positions and, on the other hand, an implementation mode based on adaptation of national regulations and practices. This mode includes national reports that, through a feedback process, inform the BP about its performance. In 2005 and 2007 the BP's stocktaking procedure resulted in two assessments of national progress. Although the BP is not yet an intergovernmental organization, it is expected to become one. (Contains 1 table and 11 notes.)