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Realistically I don't think anyone would want to favour a bad team in the league to be favourites to win the Europa League at the moment, I think Leverkusen and Liverpool are the only two teams to reach the final, and even If those two teams meet in the semi-finals of course one of the two winners is a strong candidate to win the Europa League trophy this season.
I think we should not forget AC Milan. They also performed very well in the Europa League. I think the final match will be AC Milan vs Liverpool. Initially I didn't include Milan in my favorites list. But their match against Slavia Prague showed that they are very worthy of being one of the finalists. Leverkusen performed very well and I am sure Xabi has a good strategy to beat any team in the Europa League. But AC Milan and Liverpool are difficult opponents. AS Roma has been able to perform well since being with De Rossi. But I think it's still not enough to beat AC Milan.
In the quarter-finals there are strong teams remaining so no one should be underestimated.
In terms of strength, Leverkusen and Liverpool have been quite good and consistent since the start of the season, but I agree that we cannot forget Roma and AC Milan, these two teams are improving quite a bit now, making it possible for them to be able to do a lot of things in the Europa League this season.