The European Credit Transfer and Accumulation System is a student-centred system based on the student workload required to achieve the objectives of a program, objectives preferably specified in terms of the learning outcomes and competences to be acquired. ECTS was introduced in 1989. It is the only credit system which has been successfully tested and used across Europe. ECTS was set up initially for credit transfer. The system facilitated the recognition of periods of study abroad and thus enhanced the quality and volume of student mobility in Europe. Recently ECTS is developing into an accumulation system to be implemented at institutional, regional, national and European level. This is one of the key objectives of the Bologna Declaration of June 1999.