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In the past much has been said about the Bologna reforms that have taken place in Europe, the impact the Bologna Process had on national higher education systems, and the gap between what was initially planned and what was finally achieved. This chapter aims to bring a different perspective by discussing the (un)intended internal and external effects of the Bologna Process at the level of the European Higher Education Area (EHEA) as a whole. Internally the Bologna Process has increased collaboration, comparability and harmonisation of policy and processes across higher education systems. Because of this, European values such as connectedness, collaboration, sense of unity and increased intercultural understanding have become vivid and supported by many systems. Externally the Bologna Process, with its openly competitive approach, influenced the perception of other continents towards the EHEA and inspired reform of higher education systems in areas around the globe. This chapter discusses what the Bologna Process has meant for the EHEA as a whole, what it has accomplished, and what not. Based on an exploratory review of the relevant scholarly literature, the chapter describes the major positive and negative effects both from an internal and an external perspective to the EHEA.