You can't compare France to any of the other UEFA teams. During the last one decade or so, every other UEFA team has become weaker. Netherlands and Germany are prime examples. But France is probably the only UEFA team that has got stronger. They have a steady supply of young players and at this point their best player is the 24-year old Kylian Mbappé. Italy on the other hand is a relatively young team (despite the rapidly ageing population in that country), but their younger players are yet to prove their worth at the international level.
May I add something to your post Sithara007?
Croatia also deserves to be mentioned as a team that has grown stronger in the last decade.
But unfortunately and curiously, they never had a good Euro campaign.
In 2012 they didn't get past the group stage, in 2016 they lost to Portugal in the round of 16 (but Portugal was unbeaten, they were champions that year), and in 2020/21 they lost to Spain (who were only eliminated by champions Italy).
It is also interesting to compare the World Cup with the Euro, because both have very different results.
Croatia can get to the Euro by the Nations League or the qualifiers, I strongly believe that in Euro 2024 they will have a great campaign and even their best one, and can reach the semi-finals for the goodbye of Modric's generation.
England also deserves a mention because they are improving in the last few years.
We are still in the qualifiers of course, but I see Euro 2024 having France and Croatia in the semifinals easily, while the other 2 teams could be Spain, Italy, and England, possibly Netherlands but I don't see Portugal, Belgium or Germany in the finals.