The London meeting of the European Ministers of Education (May 2007) reviewed the progress of the Bologna Process, confirmed the principles of the Process and set targets for the transition to the European Higher Education Area by 2010. In all policy areas of the Process, strong objections have been voiced since the Bologna Declaration of 1999. The objections amount to a full rejection of the process, on the basis of a misconceived functionalist logic. This logic reflects a rigid understanding of the linkages between university education and the market economy. Many objections constitute a negative, dogmatic approach to the Process. The dogmatic approach fails to register changes which have taken place along the way from Bologna to London and to place the European educational policy in the wider international and social context in which Europe and European societies find themselves. While some of the past critiques of the Process contain valid points, on the whole an alternative approach is necessary. The aim of the approach would be to balance the negative with the positive aspects of European educational reform.