Monk was appointed in May 2014 after a successful spell as temporary boss and led the club to an eighth-placed finish last year, but found it tougher this season.
The campaign began in style with a draw at Chelsea and a victory over Manchester United, but a 3-0 defeat to Leicester earlier this month meant Swansea had won only one of 11 Premier League matches
With the Swans slipping down the table chairman Huw Jenkins chose to sack Monk last week, but he bears no grudges
"I totally respected his decision," he told the Times. "Of course it was difficult, I felt we would turn things round, we had everything in place to do that. We were in a bad period, I understand that, but I felt so confident."
He added: " I'd have liked to have been given time to turn it round, which I felt confident of doing, but I've nothing but respect and gratitude for that opportunity. It was a great opportunity in the highest and toughest league in the world and overall it was a success."
Monk feels that Swansea deserve credit for taking a chance on him initially, pointing out that he believes no other Premier League side would have done so.
The 36-year-old is hungry for more, though, and is using his time to reflect and develop in readiness for another chance to manage at the highest level.
"My only driving focus is on making sure that when that opportunity comes, I'm ready to go straight back in. I want to go back in at the highest level," he said.
Source: PA