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As Europe departs for its annual holiday-sacrosanct, even amid the continuing economic woes, the multiple crises in the Middle East, and the dark mysteries of Russia’s intentions in its former satellites-the question remains unresolved as to what to expect from the new European Parliament in the new term.

The European Union’s struggle to bring its data protection rules into the 21st century continues-haltingly-as the EU itself enters its new era, with a new European Parliament, a new President-designate of the European Commission, and a new European Commission due to take office in November.

Today’s Financial Times (FT) reports that nearly $40bn was wiped from the biotech market’s value last week (a 6 per cent drop in the Nasdaq biotechnology index) following the Federal Reserve’s identification of biotech shares as a cause for concern.