Arsenal were flirting with the relegation places at times but Moyes says the club were right to stick by Arteta, whom he coached during his days in charge at Everton.
Moyes has stressed how the Spaniard needs time at Arsenal and added how people should not forget the fact that he won the FA Cup and Community Shield just eight months after taking charge.
“If they had even considered making a change at Arsenal, it would have been ludicrous,” said Moyes.
“I think it would have been an incredibly stupid thing to do on someone who has already come in and won a couple of trophies. But that would be easily forgotten about, as if that was easy to do.
“Everybody knew he was going to have to take time to change. He’s got to be given an opportunity to do so.
“So, if that had even been considered by the media, or considered by the club, then I can only have seen it as being the wrong decision, because Mikel needs time – as all coaches need – but I think especially when you step into a job like that.
“If anything, you need to be given a bit of opportunity to turn it around.”