The former Oranje international does not think Les Bleus, the Azzurri and the Three Lions will be able to challenge Spain, Germany and Netherlands for glory at the Euros.
The former attacker, who played in the Eredivisie, La Liga and Bundesliga during his active career, also pinpointed Germany and Netherlands as La Roja's biggest rivals.
"Spain are the world and European champions and are therefore the clear favorites," Makaay was quoted as saying on the official FIFA website.
"They’re followed by Germany and Netherlands, who were both excellent at the World Cup. And teams like France, Italy and England are fringe contenders."
The 37-year-old then looked back at his career for Oranje, and admitted that missing out on the 2006 World Cup still pains him.
"For as long as anyone can remember, we've played in a 4-3-3 formation with only one central striker, and I was up against great players like Ruud van Nistelrooy, which wasn't easy. It definitely left a sour taste, but it can't be changed and I still look back on my career with great satisfaction."
Makaay netted six goals in 43 international appearances for Netherlands.
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