Yes, EURO 2016 have a standout favorite. I am rest assured that the conclusion of the EURO 2016 will be mind breaking. A situation where a younger team will go ahead to champion the tournament. Just as seen in EPL 2016, where Leicester city change history by winning the league. This can also happen in EURO 2016, where Wales been the smallest country in term of capabilities goes up to win the tournament. So it won't be of surprise to see such happening. Watch out for Wales.
The Germans took the 2014 World Cup with relative ease. Despite losing some ugly friendlies in 2015, they have emerged in 2016 as the class of Europe. Advancing to the EURO 2016 semifinals without a loss in group play is just an additional testament to the quality of their system and their team play.
Unlike many tournaments this years Euro tournament has no standouts. Many strong teams, like Spain, have already been eliminated and many normally weak teams have made it further then ever before, like Iceland. So who is the standout? No team has been dominate so I don't think there's a standout this year.
EURO 2016 Does not have a stand out favorite because there is far too much talent across all teams involved to selectively pick one out that is head and shoulders above the rest. Only time will tell if one team could have been considered a standout favorite. For now it looks like a draw among several teams.