Germany coach Joachim Low, believes his side's progress over the last two years has been significant enough to give them every reason to believe they can turn the tables on their opponents and book a spot in Sunday's final.
"After we lost the 2008 final we were all very disappointed but you have to admit that Spain were clearly the best team in that tournament so they deserved to win the Euro," Low said.
"Two years on, we have made a lot of changes, Spain not so many. In this tournament, in terms of how we've been playing, we've clearly come on several steps since 2008. In 2008, we were not as consistent and we perhaps did not have the same quality in every position as we have now. The players we have now have incredible skill, technique and tactical nous.
He added: "We worked on developing these players and the team. Our combinations and flow are superior to 2008 when we used a lot of energy but were not always able to dominate. Now it's a different story. We have been able to keep opponents under control and put them in trouble."
Germany's four-goal hammerings of England and Argentina in their last two outings have underlined the potency of Low's rejuvenated squad and their pace, power and clinical finishing has made a strong impression on his Spanish counterpart Vicente Del Bosque.
"I think Germany are greatly improved since 2008," Del Bosque admitted. "Their squad has undergone a renewal with important young players coming through but they have maintained the traditional values of German football. They have players of high quality with good technical skills.
"They have their moments when they attack and when they fall back. They have strong individuals who can make the difference in the match, so it is going to be an interesting meeting of two strong teams."
Del Bosque, who took over the Spanish side following the retirement of Luis Aragones in the wake of the UEFA EURO 2008 triumph, also believes Spain have got better, despite relying on the same core group of players.
"We have followed the path laid down by the the previous coach, but we have included some new players. You can't stand still in football. We have tried to build on what we achieved before but I think we have also improved."
"What we have seen so far in the tournament, tells us that we will have an open match," said Iniesta. "Both teams will attack. The important thing for us will be to play our own game, keep possession of the ball and try to move it into dangerous positions."