The making of the “European Higher Education Area” (EHEA) is based on a number of initiatives from a number of actors and networks. We will here put forwards these initiatives and the actions at work. Firstly, we will deal with the making of the “Knowledge Triangle” (KT), where education, research and innovation are assumed to be the interdependent drivers in the making of a Knowledge Society. How is this configured and what tools are at work – e.g. Erasmus and instruments such as U-multirank? Secondly, we go into research assessment exercises and how these construct higher education and research, and their mutual relations. Our study is based on notions of governing and dynamic nominalism. We have analysed documents that are strategic in the construction of EHEA and KT plus analyses of RAE technologies and constructions. This is combined with analyses of ranking instruments as navigation tools and standardization of EHEA. Here, we will focus on Sweden as a case scrutinising three larger universities and their recent use of Research Assessment Exercises and put this in an national and international context. The study is resulting in presenting critical research issues concerning transnational governance in the Europeanization of higher education and research.