This contribution re-examines the transnational circulation of policy schemes relative to Higher Education governance. It focuses on the relations between international and European organisations (Council of Europe, European Commission, OECD, UNESCO), characterised by competition followed by cooperation or international division of tasks. In order to explain the conditions under which higher education / knowledge policies circulate, we need to take into account the political and ideational positioning of these IOs as well as the material aspects of their relationship. Based on interviews and archival research, I show that the Bologna Process provided an opportunity for the Council of Europe, which faced a dire budgetary situation, to maintain political visibility on educational issues and to move closer to the European Commission’s positions. I also demonstrate how competing projects launched by the European Commission and the OECD to evaluate the performance of HE systems may contribute to stabilising international ‘policy scripts’ and frames that are not necessarily acclaimed by their member states’ governments.