Golden goal is abolished, on February 28th 2004, when the IFAB announced that after Euro 2004 in Portugal, both the golden goal and silver goal methods would be removed from the Laws of the Game.
The golden goal rule was introduced to stimulate offensive flair and to effectively reduce the number of penalty shootouts. However in practice, it turned out that the golden goal rules encouraged teams to play more defensively to safeguard against a loss. Teams often placed more emphasis on not conceding a goal rather than scoring a goal, and many golden-goal extra time periods remained scoreless.
On the 28th of February 2004, the IFAB announced that after Euro 2004 in Portugal, both the golden goal and silver goal methods would be removed from the Laws of the Game. The 2006 FIFA World Cup in Germany did not employ the golden goal in the event of a tied match during the knockout stage, but reverted to the previous rules: In the event of a tied game after the original 90 minutes, two 15-minute halves of extra time were played. In case the tie remained after the 30 minutes of extra time, the winner was decided by a penalty shootout.
Thoughts on the abolished rule
Jose Cerna [@TheJCerna]: I don't miss the golden goal at all! Never was a big fan of it. I think that when teams go to extra time, it is more intense and entertaining to see the 2 halves play fully. When a team scores in the extra time, I want to see the other team's reaction to the situation. Most of the time is an all out attack to score the equalizer and consequently, you get a lot of action and drama!
Felipe Mekhitarian [@BrasileiraoBlog]: I'm for it depending on the circumstances. If it's a not-so-relevant tournament/competition at stake, I think it's suitable. For a World Cup final, absolutely not, it'd be a cheap ending to such a majestic occasion.