Modern tourism implies leisure time in its enriched form. On one hand, modern tourism is both the social form of living and the urban people's need for recreational/cultural contents, and on the other hand, certain countries see the realization of many social and economic values in modern tourism. Despite the fact that so called "cultural tourists" represent only a smaller part of tourists in general, their role cannot be overlooked because "cultural tourists" are usually willing to pay more for cultural goods. If cultural tourism is planned well, residents and tourists can benefit from the offered cultural contents. The programme that the European Capital of Culture brings is an excellent attempt to promote European cities as culture cities. The number of candidates for nomination has increased considerably, since cities struggle to attract an event that is now considered a tool for socio-economic regeneration, and not just for cultural manifestation. Through this event, the awareness of different regional styles of cultural tourism has begun to evolve, not only on the culture being consumed, but also on the organizations that manage that consumption. Every nation and community needs its celebrations, events that generate pride and a sense of belonging, and which build development capacity through volunteering, capital investments and improved marketing. Similarly, communities of interest and sub cultures express themselves through events, and they need events and event places to identify with. Exploitation of festivals and hallmark events is worry to many observers fearing commodification, loss of cultural authenticity and over-production of events, but festivals and hallmark events also represents usefull tools to achive strategic positioning and branding of a destination.