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In this short paper, we suggest that internationalisation of Higher Education, pushed a.o. by the so called “Bologna” process, call for rethinking the role of the State. So, it could evolve from a mission of financing education on its territory – according to a principle of school territoriality – to a mission of financing studies by its residents – according to a principle of residential territoriality – through voucher and/or contingent loans, of taking responsibility for the competition between institutions and of signalling quality of those institutions on its own territory and abroad.