ABSTRACT
In order to demonstrate the importance of cultural factors in the organization and perception of some European financial institutions in the run up to the completion of the European Community's (EC) Internal Market in 1993, this chapter focuses on four aspects of banking culture in Europe. These are the changing concepts of banks and banking, the perceptions of time held by bankers, the globalization and regulation of banks, and the relationship between banks and clients. These four factors are highlighted herein because they bring to the fore the tensions which both unite and divide EC banking practices. For example, at the ideological level changing ideas about banking are drawing together institutions, while other cultural values, such as those associated with time, tend to make financial integration more difficult. Traditionally the main business of banking was taking deposits and making loans, but banks have expanded into other fields.
