Gerrard said: "If this team clicks, the quality in this squad is probably better than the squads with which I've gone into big tournaments in the past. There is more quality.
"It is cheap talk for me to say it. The most important thing is for the players to do the talking on the pitch.
"But it is obvious when I am training and playing with these players, you can see really good signs and you only have to look around the dressing room to see the quality.
"We know we have under-achieved of late and we need to deliver for this country. With the players we've got now, we've got to make the most of it.
"Is reaching quarter-finals under-achieving? I think with the quality we've got here reaching the quarter-finals is not good enough.
"Of course, we haven't got a god-given right to anything. You've got to go out and earn it. You can't go out with star names onto a pitch and expect to win.
"It is easy to say 'we are good' - but we've got to prove it as players."