Austria intends to rescind the ten-year speculation period for real estate as at 1 April 2012. So far, the law in Austria - and Germany - has specified that disposals of privately held properties are tax exempt after an ownership period of ten years. Now, our Austrian neighbours have decided to end the practice. In the future, all property sales will be subject to a tax rate of 25 percent regardless of the length of ownership. After the expiration of ten years, the tax rate will decrease by an annual 2.5 percentage points.

If the German Governments get its way, the "Stiftung Warentest" consumer watchdog will be successively expanded into a financial supervisory agency of sorts. In a first step, the foundation will be paid 1.5 million euros that is supposed to enhance its ability to scrutinise financial products.