Conceived in Paris in 1998 and born in 1999 in Bologna, Italy, the Bologna Process is celebrating its 20th birthday. During its first two decades, this ambitious and multi-faceted initiative has brought order to a formerly inchoate welter of systems, achieved agreement on level-specific educational outcomes, pursued greater equity through its “social dimension,” established an efficient clearinghouse for credentials, and made diplomas more useful. That’s the “glass half full” perspective. A “glass half empty” view laments the selective “a la carte” approach taken by nations choosing from the required action plans, the length of time required for implementation of even modest reforms, the political manipulation of the process by some leaders, and the many pressures emerging from increasing nationalism within Europe. There are good reasons for optimism—but an optimism that must be tempered by acknowledgment of significant impediments to continued accomplishment.