The article analyzes the basic documents adopted by the ministers of education of the country participants in the Bologna Process at their latest meeting in Yerevan, Armenia. It identifies the problems and challenges facing national education systems during the present stage of development, and explores the priorities and obligations of these countries to promote cooperation and integration in the framework of a common educational space. Particular attention is paid to the analysis of statistical data and national reports on the implementation of the main objectives established by European agreements during the current decade. A key factor in ensuring mutual trust and creating a common space for higher education is establishing a multitiered quality assurance system at the institutional, national, and European levels. The author argues for the need to review and approve the new Standards and Guidelines for Quality Assurance in the European Higher Education Area (ESG). [This article was translated by Kenneth Cargill.]