Starting from the main objective of external quality assurance (EQA) procedures to assure and improve the quality of higher education institutions and its provisions, the paper examines expected impacts of EQA procedures on institutions from the perspectives of three European quality assurance agencies. First, the paper examines the expected impacts of different standard parts of a typical peer review procedure on higher education institutions and assesses when a procedure is most likely to have an effect on the institution. The second part presents the current practices of the three EQA agencies, AQU Catalunya (Spain), Evaluationsagentur Baden-Württemberg (evalag) (Germany) and the Finnish Education Evaluation Centre (Finland) on assessing the impact of their EQA procedures.