As the first decade of the groundbreaking European higher education reformation known as the Bologna Process comes to a close, its impact on the field of mathematics is significant in many ways. Mathematics degrees and programs are changing across Europe, and in some cases, with serious side effects. On the other hand, there have been considerable increases in the percentage of international students, who tend to major in mathematics and mathematics-related fields, attending European universities. The effects of the Bologna Process extend far beyond Europe, and while the changes implemented by the Bologna Process are seemingly positive for European higher education, this could prove disadvantageous for U.S. higher education. This article discusses the impact of the Bologna Process on the field of mathematics in Europe, and how the Bologna Process affects the U.S in the global competition to attract international students.