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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.
If discussing the two strongest teams in the Europa League and the two most favorites for the Europa League, Liverpool and Leverkusen would come first. These two teams have been performing consistently since the beginning of the season and have maintained consistent performances till now. With these two teams qualifying for the quarter-finals of the Europa League, Liverpool and Leverkusen will currently be far ahead of the other teams that have qualified in terms of strength and consistent performance. AC Milan is a good team in the Italian league but with the way they are performing it doesn't look like they can do well against Liverpool or Leverkusen in the Europa League. Liverpool were the favorites from the start of the season and they might end the season as favourites.