In Biggus world we're midtable in Europe as long as Wenger is here.
If you want to talk in terms of European performances well then I suppose Man City and Spurs are lower table clubs since they've both only had in one season in the Champions League and didn't win it.
If this just takes in who are the biggest clubs in Europe historically then we are this:
The third best team in England, who went through an entire league season unbeaten.
That alone puts in the top tier of clubs, based on our history alone. Yes, right up there with Man Utd, Liverpool, Juventus, Ac Milan and Barcelona's of this world