This paper focuses on different aspects of the attractiveness of European systems and institutions for students, academics, the labour market and the economy, drawing attention to the tensions that arise between different stakeholders in universities. Not only do universities need to be attractive to increasingly differentiated student groups, but they also need to be attractive workplaces and provide attractive career opportunities for academic staff. Both public and private institutions today are under multifaceted pressures for change. At a time of inevitable reform of the current welfare state systems in most parts of Europe, attractive systems will be able to balance the negative financial impact of the gradual restructuring of the most generous types of welfare state regimes in Europe on public funding of higher education. The possible redefinition of higher education from a public good to a private good is a trend that may further undermine the idea of heavily publicly subsidized higher education as the economic rationale for higher education changes. The expected changes may fundamentally alter the relationship between stakeholders in higher education, with the role of the state (especially in funding) diminishing and the role of students and the labour market increasing. The expected changes related to differentiation may change the academic profession as a whole and have a strong impact on the traditional relationship between teaching and research in European universitie