England overcame an unconvincing start in Germany to make another continental showpiece, but the country’s first-ever final on foreign soil ended with more heartbreak as silky Spain triumphed 2-1 at the Olympiastadion.
Substitute Cole Palmer’s superb equaliser had given new life to Southgate’s side after Nico Williams had fired Spain ahead, but England could not take control, with Oyarzabal sliding home what proved the decisive blow four minutes from time.
“The best team won tonight, the best team won the tournament,” Keane told ITV Sport. “Their record over the last 12 months has been fantastic.
“Spain have a lovely mix the way they play. They have a threat on the counter attack, they have youth, they have experience.
“They beat Germany, they beat France and they’ve beaten England. For all the talent they have got, I tell you, they work their socks off. They’ve got desire, they’ve got pride.
“It’s tough on England, but without a doubt, Spain deserve it.”
Keane went on to suggest the progress England have made under manager Gareth Southgate has taken them to the brink of success, but he argued getting their hands on a trophy is the biggest challenge.
“It’s the biggest step for players and a manager to win something,” added Keane. “A lot of England’s young players have been fantastic in this tournament, but they lacked quality.
“Fight, desire and options off the bench probably got them to the final, but top level sport is brutal. Sometimes the opposition are just better than you.
“In sport, you need to step back and be humble. Spain were the better team. Take your medicine, regroup and go again.”
Former England defender Rio Ferdinand also gave his verdict, as he admitted England lacked the attacking drive to put Spain under pressure in the attacking third.
“Every fan in this stadium and watching on TV would have been thinking, ‘why are we waiting until we go a goal down to actually let the shackles off and start going at them?’,” Ferdinand told the BBC.
“It wasn’t really until Ollie Watkins came on and started pressing at the front and hurrying the two centre-backs – who had cigars out for most of that first half.
“Then all of a sudden Cole Palmer comes on the pitch and slots one home – but why should we have to wait for that long to really be on the front foot and aggressive when we have such quality players all over the park?”