This paper discusses the driving forces behind the Bologna process, its advantages and possible negative effects. It also analyses the dangers that may result in commoditisation of the European higher education systems, in emergence of rigid accreditation systems and of a centralised bureaucracy that will impair innovation and creativity. The paper develops the idea that the Bologna process may be interpreted as a step in the neo-liberal movement to decrease the social responsibility of the state by shortening the length of pre-graduate studies and transferring responsibility for supporting employability to individuals through graduate studies. Consideration is also given to the mechanisms and forces behind the Bologna process that try to present an apparent climate of consensus despite some obvious difficulties and disagreements at the level of implementation.