An ambitious undertaking to explain the past two decades of the modernization of higher education institutions in Europe in the 21st century. When the end of the Cold War ushered in European Union expansion in the 1990s, the EU grew to include countries in Central and Eastern Europe which were eager to follow Western European countries' initiatives. Following the Sorbonne Declaration signed by France, Germany, Italy, and United Kingdom in 1998, the Bologna Process in 1999 set in motion the comparability of academic degrees in order to make possibility the mobility of graduates not only in the EU but also in the EU neighborhood countries. Today 48 countries participate in the Bologna Process that has established the European Higher Education Area (EHEA). Placed in a historical context, the economic, political, and social explanations highlight the sweeping change during the turn to the new millennium in which greater emphasis has been placed on the value knowledge within the 21st century economy and society. Methodologically, the qualitative cases on Portugal and Spain provide insights into policy changes governments with varying structures, unitary for Portugal and federal for Spain. The quantitative analysis presents panel data statistical regression analysis for the EU countries with higher education attainment as the dependent variable, which has the most significant relationship with GDP per capita over the time period 2000-2014. This is a balanced, thorough, and thoughtful approach provides understanding of the sweeping changes taking place in Europe in recent years and the internationalization of higher education. The description of the process to establish the policy framework, to build trust among higher educational institutions, highlights an active international diplomacy. The book underscores the important of education, knowledge, and human capital in a global context that recognizes qualifications beyond the limitations of national borders.