Norway is much like this. There are limits on how much overtime can be worked in a given week that allow for unforeseen circumstances and another limit for the month that is a lot less than four times the allowed weekly overtime. Overtime compensation is higher I think, especially for weekend or night work.

Seems to be working here, the Norwegian economy is quite good and unemployment is low. It helps that people here 'work to live' rather than 'live to work' and that the work ethic (in most people) is fairly strong, people get on with working rather than spending a lot of time chatting round the coffee machine.