For several years, Europe lagged behind other continents in organising a continental championship for its national teams. The first proposals had come in the 1920s, but the inaugural tournament, known as the European Nations' Cup, did not get underway until 1958. It would be a knockout tournament, with the last four teams moving on to the final tournament in 1960. The hosts would not be decided until after the four participants had been decided. Seventeen teams entered the first tournament, although European powers West Germany, Italy and England were not among them.
Spain refused to travel to the Soviet Union for their quarter-final, so the Soviets moved on to the final four by default. They were joined by France and Czechoslovakia following comfortable aggregate wins over Austria and Romania, and Yugoslavia completed the line-up by overcoming a first-leg deficit to defeat Portugal. Once the semi-final line-up was complete, France were chosen to be the hosts for the final stages.
The first semi-final, between France and Yugoslavia, was an astonishing match. Yugoslavia scored first, but France turned the match around to lead 3-1 and then 4-2. Late on, Yugoslavia found an incredible burst of three goals in five minutes to take a 5-4 lead, and held on to the end to send the hosts out. In the second semi-final the U.S.S.R. were comfortable 3-0 winners over Czechoslovakia.
France, demoralised by their remarkable semi-final defeat, also lost out on third place as the Czechs won the play-off 2-0. In the final, Yugoslavia took the lead just before half-time through Milan Galic but Slava Metreveli equalised for the Soviet Union shortly after the restart. With no more goals in the 90 minutes, the final went to extra-time where a header from Viktor Ponedelnik seven minutes from the end gave the first European Championship to the Soviet Union.