I think the economics of it are that it costs a lot for the country that hosts it, but for everybody else it's a very cheap Saturday evening's viewing in television terms- the last time I checked I don't think it cost the BBC £1 million because the host broadcaster makes all the arrangements for hotels, technical set-up and so on. All the other broadcasters have to do is carry the feed. As things stand, because the UK puts a bit more into the pot than other countries and has done since it started, we go straight to the final.
Politics have always played a part- the last time I watched the whole spectacle was about 20 years ago, and you could always guarantee that Greece and Cyprus would give each other maximum points, for example.