Zagorakis played an important role in Greece's win in the 2004 European Championships, and was named the Player of the Tournament by UEFA and consequently he was in the Team of the Tournament. FIFA named Zagorakis as a contender for the 2004 FIFA World Player of the Year award (he finished in 17th place alongside Spain's and Real Madrid's legend, Raúl), as well as UEFA named him for the 2004 Ballon d'Or award (he finished in fifth place), behind the likes of Ronaldinho (third place) and Thierry Henry (fourth place).