The document discusses the challenges of implementing the Bologna Process across participating European countries. It aims to create easily readable and comparable degrees by establishing a three-cycle system of Bachelor's, Master's and Doctoral degrees. This increases diversity as academic and professional programs cooperate and credit transfer is possible between phases. Implementation issues include the organizational impacts of increased diversity and the need for transparency and flexibility in program contents, scheduling, and location. Stakeholders involved in the changes include students, staff, administration, governments, sponsors and alumni. Financial implications involve the costs of increased diversity and flexibility as well as potential new revenue sources. Governance of universities must also adapt to the changing context.