Anthony Foley's men went down 33-10 to Saracens in their must-win penultimate European pool game, before thrashing Sale Sharks 65-10 last weekend.
In doing so they failed to qualify for the knockout stages of Europe's premier competition for just the second time in 17 seasons, but the 35-year-old Ireland skipper admits that while it was an under-par performance, the Munstermen are not doomed when compared with Europe's elite.
And with his side sat third in the GUINNESS PRO12, O'Connell insists a youthful Munster set-up has the character needed to learn and improve
"I think Saracens were a better side than us," the 35-year-old told the Guardian. "We're a young side and we have a long way to go and the gap was very big.
"Personally, it was a very poor game. I was frustrated with myself and it was a very disappointing day - luckily, they have been few and far between at Munster.
"I'm old enough now to know you can't dwell on it. It is easier to put it behind you because I see it for what it is.
"Less experienced guys can get caught up in the doomsday scenario. I know we've got a great culture, a very good group of players, great coaches, and everyone is eager to be successful at Munster.
"We just need to learn from those experiences."
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