This article tries to outline how and to what extent academic exchanges sponsored by national governments and agencies fit within the changing context of international academic mobility. The issue will be viewed mainly from the perspective of Europe; some aspects concern the whole of Europe, while others refer more specifically to those countries which are, or will soon be, members of the European Union. The main thrust of this paper is to underline the growing tension between nationally based educational systems, including national exchange agencies, and the growing awareness of the need for a more compatible and understandable higher education system in Europe, both for internal reasons and in order to strengthen European competitiveness in world markets. The picture of European exchange agencies outlined below is based mainly on data provided in ACA's publication Profile of the ACA Member Organisations1 and on information taken from their own Web sites. Observations about the changing role of national agencies in the internationalisation process are also based on the case studies and conclusions in the book National Policies for the Internationalisation of Higher Education in Europe, published by the Swedish National Agency for Higher Education.2