This article analyses the work of the Bologna Follow Up Group as the main institution of the Bologna Process and the perceptions of the policy actors involved concerning the character of the process in terms of its functioning in contrast to similar multi-level multi-actor European processes, its modes of communication and consensus seeking, as well as its effectiveness in terms of policy formation and implementation. It argues that the Bologna Process is a unique multi-level multi-actor process shaped by its informality, the actors' political commitment and the participation of stakeholders. Its format seems to be more effective and suitable for purposes of policy formation than for those of policy monitoring or coordination of implementation.