Despite winning 2-0 on the night in France, Wenger's men were sent packing by Monaco's valuable three away goals at the Emirates in the first-leg.
Olivier Giroud and Aaron Ramsey both got themselves on the scoresheet as Arsenal dominated play, but the north London outfit were unable to find the crucial third goal which would hvae sent them through to the quarter finals of the elite European competition.
And speaking after the game, Wenger told French television that Monaco should have been on the receiving end of a thrashing, but still took the time to wish his former club good luck in the latter stages of the Champions League.
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Arsene Wenger could only watch as Arsenal crashed out of the Champions League
He said: "Monaco were fortunate over the two legs. We could have had four or five tonight.
"You need to be more clinical than we were tonight. We wish Monaco a good journey for the rest of the competition.
"We weren't careful enough in the first leg. Tonight, we produced the right sort of display.
"We are very disappointed to go out tonight, but overall I think we are on a positive trend.
"Of course [we don't want out season to slip away], we want to win the next game and we knew before the game we had 98 per cent chances to be out.
"But we did fight and I felt some players were a bit jaded as we gave a lot on Saturday and we lacked a little bit of freshness at the end.
"If you just look at the game tonight, I think it's a positive game for us."
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