The former Liverpool and Fulham boss does not feel he could have done any more as his side crashed out of the tournament following defeats in its first two Group D fixtures.
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But former Liverpool boss Hodgson, who was given the Football Association's backing to lead the side until 2016, believes the young squad he selected can become a formidable outfit and does not believe he could have done any more to help the team progress.
“No," he responded when asked if he had no regrets by reporters. "I absolutely believe it was the right way to do it, with these players. I do. I believe the team going forward will be a very good team. I think there are good young players.
"The team is evolving. It will evolve, of course. I don’t think there’s any need to doubt this England group of players will go on to do good things in the time ahead.
"I’m very low, yes. So are the players. We had high hopes, we thought we could make an impact. But to make an impact you’ve got to win games and we’ve lost both our games."
The England boss went on to say that he felt his team came in ready for the competition.
"We came here well prepared," he said. "But we’ve failed. We had really big hopes we were going to make the nation proud by going far in the tournament and we haven’t done that.
"I’m proud of the way they’ve approached it and everything they put into it. I’m just devastated they got nothing out of it. I thought when we equalized that might be enough. But the second was a very, very bad goal to concede and Luis Suarez punished us."