This paper analyzes the concerted effort toward the European Higher Education Area, EHEA ("The Bologna process"), and discusses its relevance for the global Engineering Education community through the case in Spain. Confronted with a Europe-wide 2010 deadline for the EHEA convergence, the implementation in Spain of EHEA-conformant undergraduate degrees started in September 2008. Carlos III of Madrid has migrated 80% of its Engineering degrees by mid 2009. As a result, far-reaching modifications in the Spanish educational system were introduced, replacing the government-approved rigid catalog of official engineering degrees by an accreditation process whereby each university can propose its own engineering degrees. Since all degrees must be simultaneously redesigned, synergies can be exploited, aiming at a more integrated, modular design of the engineering curricula and fostering commonality. Concerted adoption of the student effort based on European Credit Transfer System (ECTS) unit of academic measurement may facilitate the seamless combination of face-to-face, distance and blended learning formats. Combined with a common cycle structure and the inclusion of the European Diploma Supplement, the effort will promote mobility and the international dimension in education. This paper provides an update on the project of transformation, its stumbling blocks and challenges as well as its opportunities.