In this article, the Bologna Process and the European Research Area are viewed as the two sides of the same coin: that of the redefinition of the missions of the institution of the university. The Bologna Process is viewed as relatively closed to global developments: as largely inward-looking, focused on European regional problems (and European regional solutions), in the absence of references to global changes and huge globalization-related political and economic transformations underlying them. Higher education in central and eastern Europe has been in a state of permanent crisis since the fall of communism and there has not been enough general reflection on its transformations. The author's concern about Bologna is that it is not trying to rise to the conceptual level that would be required to assist higher education systems in central and eastern Europe with their integration with western European systems. Bologna could be a useful policy agenda; it could provide clear recommendations on what to do and how, presenting a comprehensive package of reforms. But it is not. In this respect, it does not meet expectations of the academic community in the region; it is unclear in its visions, and consequently in its recommendations for actions. In conclusion, the author states that while it may be quite successful in promoting its agenda in western Europe, it may fail in the transition countries, especially because of the combination of old and new challenges and because of chronic underfunding of national higher education systems. While western European institutions currently seem to be afraid of losing their autonomy, for educational institutions in most transition countries the Bologna Process could be a coherent reform agenda. (Contains 15 notes.)