Les Bleus reached the quarter-finals out in Brazil before suffering a narrow 1-0 defeat to Germany.
"There were things that I liked, but the way it all ended was disappointing and a little bit frustrating. I thought they lacked flair towards the end – that's the one thing I regret," Lizarazu told FIFA.com.
"They either held back and tried to be too prudent, or they had nothing left in the tank; whatever it was, there was a real lack of verve."
Lizarazu was part of the France squad that won the World Cup on home turf back in 1998.