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Financial sustainability is one of the key challenges confronting Europe's universities today. Despite the fact that universities are at the centre of knowledge creation and development, which itself is seen as one of the main engines of economic growth, public funding of higher education in most countries is not increasing or at least not increasing enough in real terms. "Democratisation of higher education" has led to the fact that the higher education budgets per student are relatively low in most European countries compared to Europe's competitors. Despite declarations of intent to...