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ACA is pleased to announce the publication of a new study titled University Quality Indicators: A Critical Assessment, written by ACA and the German Academic Exchange Service (DAAD) for the European Parliament. The study reviews the latest developments in two different approaches to higher education quality assessment, quality assurance (QA) and global rankings, and presents a comparative analysis of these approaches. While both make judgments on quality, these two instruments differ fundamentally in their purpose. Most rankings are concerned with measuring excellence, especially in research, and identifying the best higher education institutions. External QA, on the other hand, aims to ensure compliance with minimum standards and support quality improvement, with a focus on teaching and learning. Despite the many differences, both QA and rankings display signs of learning from each other. Some QA classifications now include a category for quality that exceeds requirements, which indicates a move towards measuring excellence. Some global rankings are also moving in the direction of U-Multirank, encouraging users to produce rankings based on their own criteria.