Arsenal knocked out on away goals
Gunners cannot make late pressure pay
3-1 home defeat proves costly
Cagey. Tense. Tight. We could even gave a penalty shootout in tonight's other Champions League tie.
I'm knocking off for the night but join us over here for Atletico Madrid v Bayer Leverkusen. To the end.
Stephen Gilmore: Can't criticise players in any way today. Really professional, mature and controlled.
Mark Robinson: Remember those days when we would shut up shop at Highbury in the home leg? I do. Just.
Clive Moonpress: No sympathy for Arsenal's repetitive 'could haves' and 'should haves'. They'll call this bravery, but in fact it's the opposite.
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Manchester City are now the last Premier League side standing - and they have a 2-1 deficit to try and overturn in the Nou Camp.
Join us for that one tomorrow night...
Former Man City and England full-back Danny Mills
5 live Sport
"As an Arsenal fan, is third or fourth and a Champions League last eight place enough for you? Do you not want more? Do you not want to get to that next level? Because that is the gripe about Arsene Wenger, that he hasn't taken this team on to challenge the likes of Man City and Chelsea."
Arsenal goalscorer Aaron Ramsey on whether it's a missed opportunity: "I think so, we've always gone out to Bayern Munich and Barcelona at this stage but no disrespect to Monaco, we thought we'd have a good opportunity to qualify but we gave ourselves a tough test from the first leg. It's nearly again, but it's not enough."
Former Man City and England full-back Danny Mills
5 live Sport
"Think about the great teams in Europe. Do Arsenal have the right mentality, the game-management and the character? They should have seen out the first leg 2-1. This was a 180 minute game. Do the Gunners have an arrogance, naivety, a lack of experience on those big moments?"
Former Chelsea and Scotland winger Pat Nevin
at Stade Louis II for 5 live Sport
"The default position when a team gets knocked out of Europe is to have a dig, to have a go. But Arsenal did so well tonight. They put together a brilliant 90 minutes, getting two goals away from home against a team that doesn't concede goals. But this is a rarefied atmosphere. A lack of concentration at the end of the first leg lost Arsenal this tie."
Crazy scenes in the crazy Championship, which is now headed by Watford. Norwich concede and then equalise inside stoppage-time, Derby are no the slide and Brentford stay in the play-off picture.
Sule Sadiq: Arsenal do this every year. Rubbish in the first leg, but outstanding in the second. Don't know which to be proud or disappointed.
Abhishek: Same old for Arsenal. Lose the first leg by playing badly, come out swinging in the second leg. Lose on an away goal. Repeat.
Hassan Tambuwal: Arsenal will never lift the Champions League trophy. They will be in it every season, but they will never win it.
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The consensus from fans and pundits seems to be that Arsenal should have knocked out Monaco easily at this stage. Do you agree?
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Former Chelsea and Scotland winger Pat Nevin
at Stade Louis II for 5 live Sport
"The Arsenal fans here were impressed with their team's effort - there was a lot of applause.
"I wonder about the decision to leave Mesut Ozil on the pitch in that number 10 position. He was poor, his final ball wasn't good at all. He had to be brilliant tonight, core to everything. Ozil was very average tonight. He tried hard but I wanted Santi Cazorla in there. If I have any complaint about Arsenal tonight, that's it."
Former Man City and England full-back Danny Mills
5 live Sport
"Arsenal gave it everything they had. It would have been fantastic for them to go through. They tried hard, they got goals, they created chances but they couldn't find that final touch.
"You have to look back at that first leg, falling 3-1 behind. Sometimes you need that little bit of luck, and perhaps Arsenal didn't get that this evening."
Per 'magnanimous' Mertesacker.
Image source, ReutersArsenal defender Per Mertesacker: "The best team went through. Monaco deserved it because they played much better in the first leg. We played well today but it was a massive deficit, and it wasn't enough tonight. We came here and tried absolutely everything, and when you look at the game we could have scored more than two.
"Monaco deserve it and that's absolutely fine. They caused a lot of problems away from home. We have to admit that we regret the first game.
"But if we continue to play like that we'll do well in the FA Cup and the league. But play as badly as we did in the first game and you're out of the Champions League. Monaco deserved it."
James Fairhall: It's a disappointing outcome, but reassuring to know that the boys put up a fight to get back in the tie tonight.
LFC Way: Typical Arsenal. Had they put this effort in the first leg, they would have been coasting into last eight!
Madhavan Raman: That third goal at the Emirates killed Arsenal. Going out to Barcelona or Bayern is one thing, but Monaco? Chance missed.
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In tonight's other Champions League game, it is going to extra-time. Atletico Madrid lead German side Bayer Leverkusen 1-0 on the night and you can follow it to conclusion here.
Phil McNulty
BBC Sport chief football writer
Image source, Reuters"Arsenal superb tonight but all roads lead back to the madness of the first leg at home - especially the naivety of conceding the third goal."
Former Chelsea and Scotland winger Pat Nevin
at Stade Louis II for 5 live Sport
"Arsenal did not loser this tie tonight, but they lost it in the first leg through lax defending and poor play. You could be pernickety and point out little things they did wrong tonight, but they did win 2-0 and should have scored more.
"They should be going through - Arsenal are a better team than Monaco. But they aren't going through."
Chelsea went out on away goals last week. Arsenal join the club now.
Image source, AFPSo near, and yet so far from Arsenal. They were the better side tonight but that third away goal they conceded in the first leg always seemed likely to cost them. And it did.