FRANKFURT (AFX) - Euro area M3 grew 4.7 pct year-on-year in January, down from a year-on-year growth rate revised upwards to 5.2 pct in December. The three month moving average of M3 year-on-year growth rates was 5.0 pct in the Nov-Jan period compared with 5.1 pct revised upwards in Oct-Dec. The ECB has set a reference value of 4.5 pct for year-on-year M3 growth. The reference value is not a target but is used as a basis for monitoring trends in monetary growth.