Over the past three decades, governments have recurrently intervened in higher education. Over time, significant changes have occurred in inherited national governance modes. These reforms have been assessed in different ways, such as by emphasising the shift to the more supervisory role of the State, or the increasing privatisation and marketisation following the neoliberal paradigm, or the overall process of re-regulation. This paper sheds light on these different judgements by addressing the governance shift by focusing on the sequences of policy instrument mixes adopted over time in 16 European countries. By analysing 25 years of policy developments, it is shown how the content of national governance reforms consistently varied over time and that no common template has been followed.