It is a count down to Euro 2008. I think most English people have repressed all knowledge pertaining to the event after the trauma of the qualifiers and erm... not qualifying.
Why EM? Well, I had to find out, so after a bit of digging...
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In German speaking countries, EM stands for Europameisterschaft (European Championship). It is used as a generic abbreviation for any European championship from boxing to snooker. So EM 2008 could well be be considered a generic term for a European Football Championship by German (and Austrian) standards.
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Since the competition is being held in Austria and Switzerland, two predominantly German speaking countries they have assumed the nickname of EM 2008 for Euro 2008.
Hope that helps!
