MICROBOL -- Micro-credentials linked to the Bologna Key Commitments -- is a two-year project co-funded by Erasmus+ KA3 Support to Policy reform, and more specifically "Support to the implementation of EHEA [European Higher Education Area] reforms". It is linked to the aims of the new Erasmus+ Programme and the EHEA to increase access to continuous learning for all learners, regardless of their age, background, or experience. This report is part of the MICROBOL project and examines the status of micro-credentials, which have attracted interest in recent times as a means to increase the effectiveness and flexibility of higher education and to provide upskilling and reskilling opportunities for the labour force. The report provides an overview of the existing definitions of micro-credentials, noting that a consensus on their definition is lacking. This report presents the diversity of existing micro-credentials in terms of mode of delivery, including place, pace, and time of study, volume of work, and basis for awarding the credential. Stackability, one of the typical characteristics of micro-credentials, is also discussed. The report also explores how micro-credentials are perceived by different actors. Policymakers see micro-credentials as a way to address the short-term needs identified in society or the labour market. Higher education institutions, which are key providers of micro-credentials, see them as a way to provide more targeted and specialised training. Learners perceive them as an entry mechanism to a degree programme or as a way to acquire interdisciplinary knowledge and skills. Yet, employers seem to be unfamiliar with micro-credentials and generally do not consider alternative credentials as substitutes for conventional higher education qualifications but rather as complementary to them. The review of state of play indicates that the lack of a clear definition and of standards regarding the mode of delivery, duration, assessment process, validation, stackability, or incorporation of micro-credentials into larger credentials creates confusion among all concerned. Against this backdrop, the report concludes by discussing how the existing EHEA tools can be used for or adapted to accommodate micro-credentials without stifling the capacity to promote innovation and flexibility, usually associated with them. The key documents reviewed indicate that to a large extent the EHEA tools are applicable to micro-credentials, but further reconsideration of their scope, use and interpretation is needed. In this respect, the report poses a set of questions in relation to each of the EHEA tools in order to guide the next stages of the MICROBOL project. [The MICROBOL project is coordinated by Flemish Ministry of Education and Training in cooperation with the Ministry of Education and Culture of Finland, CIMEA (Information Centre on Academic Mobility and Equivalence) of Italy, EUA (European University Association), and ENQA (European Association for Quality Assurance in Higher Education).]