In the aftermath of the 2007-2009 economic contraction, it became apparent that virtually all the European countries with serious economic problems were clustered along the north shore of the Mediterranean Sea: Portugal, Spain, Italy, Greece, and Cyprus. Why should this be the case? The answer lies in an aspect of life these five countries share that is different from the rest of Europe: their sense of time.
As a general rule, northern Europeans are “monochrons” while southern Europeans are “polychrons.” The distinction, which is significant, has to do with how people perceive time and integrate it into their lives.
Monochrons see time as something discrete, divided into fixed elements — seconds, minutes, hours, days, weeks, and so on — that can be organized, quantified and scheduled. Monochrons love to plan in detail, making lists, keeping track of their activities, and organizing their time into a daily routine.