37.5 is the most normal official hours in offices over here (UK) in my experience though 40 seems to be becoming increasingly common (they tried to introduce that here but those of us on the old contract wouldn't sign a new one unless we got a 6% pay increase to go with the extra time, then newer people on the new contract spotted that we were officially doing less ...). It is usually referred to as "9 to 5" (assuming a half hour lunch break) but implemented as as 0900 to 1730 with an hour for breaks.

It is very rare I work less than 42 hours in any given week, though I don't religiously keep count of it all, but likewise if I need a few hours off here or there (for a dental appointment, family issue, or what-ever else) it "just happens" - my flexibility is appreciated and offered back when I need it, which I consider rather civilised. Occasionally there are crunch times when a lot of overtime is needed, which we don;t pay for overtime (I keep hinting!) time-off-in-lieu is arranged and there is usually no pressure if you simply can't do the extra due to personal commitments.

Working a fixed number of hours to the minute and watching the clock, while stable, doesn't strike me as a "human" way of running things. There was a time when there was a definite flexibility mis-balance and I "worked to rule" for a time to prove a point, but that was resolved quickly at that point. Of course I don't work for a massive company - I imagine the effort of policing more flexible conditions in order to make sure no one is taking the piss at the expense of others would be much more difficult for a multi-national.