The German translation has the same word for 'Watch' and 'Watching' as both translated as: '* Beobachten*'

This is important for investigating issues related to Team Calendars and its 'Watch Calendar' functionality:

• Watch a Calendar

If the menu says 'Watching', you're watching the calendar because you're either watching a page the calendar is embedded on or you're watching the related space for the calendar. To stop watching in this case, you'd need to stop watching the relevant page or space containing the calendar.