The Bologna Process has brought us a long way towards achieving the goals for European higher education set two decades ago. This third edition of the Bologna Process Implementation Report provides clear evidence of change in the higher education landscape. It shows where progress has been made, but also points to the gaps that need to be filled if we are to strengthen European higher education cooperation on the basis of quality and mutual trust. Higher education has been evolving rapidly to respond to fast changing demands. Overall in Europe, we are becoming better educated, as more students have the opportunity to develop the high-level skills and knowledge that our societies require. Thanks to the Bologna Process and the Erasmus+ programme, students have become more mobile, and can benefit from study and employment opportunities abroad. Yet we also face challenges in this changing environment: How do we recognise and reward good teaching as well as good research? How do we ensure that young people from disadvantaged backgrounds can access and successfully complete higher education? How do we remove burdensome recognition procedures to ensure that students and graduates can be mobile? And how do we increase the relevance of higher education programmes for a labour market that is in a state of permanent transformation? The Bologna Process provides a space for countries to discuss these challenges, and this dialogue remains critical.