The Reds were beaten 1-0 in Paris as Vinicius scored the game’s only goal as they fell short less than a week after missing out on the Premier League title by a single point.
Liverpool entered the final days of the season still chasing an unprecedented treble, but they must settle for an FA Cup and Carabao Cup double at the end of a campaign in which they played all possible matches.
Despite missing out on the two biggest trophies, Owen insisted the Reds were still the strongest side on the continent, ahead of Manchester City and Real Madrid.
“I still think they [Liverpool] are the best team in Europe,” Owen said on BT Sport.
“On other occasions, Liverpool would have their name engraved on the trophy this time, but it wasn’t to be. The season they’ve had, I still think they’re the team to beat.
“Yes, Real Madrid overtook them today, but it’s a unique game. I still think they [Liverpool] are the most formidable team in Europe and they haven’t won either of the big two trophies this season, and that will be the biggest pill to swallow.
It was not an opinion shared by Ferdinand, who argued that Real should be seen as the team at the pinnacle of the sport after yet more European glory.
Carlo Ancelotti’s side had a remarkable run in the Champions League Round of 16, beating PSG, Chelsea and Manchester City before their final victory over Liverpool.
“I don’t think they can be called the best team in Europe – you have to win the big trophies to be considered like that,” Ferdinand said.
“It would be a disrespect to a team like Real Madrid and what they did against the best other teams in Europe.
“They beat all of our top three teams in our league, got rid of them and got their hands on that trophy.”