Given the fact that we are only behind United and Liverpool in terms of domestic honours our list of European trophies is really rather poor, something which goes beyond our time under Wenger.
We've won the Cup Winner's Cup once and the Inter Cities Fairs Cup once, a now defunct competition (as is the CWC) that seems to have been the predecessor to the Europa League as it's now known. Given this fact we've got no right to be snobby about the Europa League. Of course I'd rather be in the CL but if we aren't I'd want us to give the Europa League a real go, and I'd be really chuffed if we won it.
Any sort of European trophy would be a bloody big deal for us.