The European Central Bank on Feb. 8, 2001 accused commercial banks of persistently overcharging retail customers for cross-border payments and said it may have to step in unless fees are cut substantially this year. The ECB said in its February report that banks urgently need to increase their efforts to improve the transfer of money by 2002, when the introduction of euro notes and coins will transform the euro zone into a domestic payment area.

It cited a European Commission report released in