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Yes, Europe does, Its 15 or so yellow stars on a blue background. (The number has changed based on the number of members in the European Union.) This is the flag set for the European Union. Australia has a country flag which also serves as its continental flag. Antarctica has a few flags, the principle one being a sky blue flag with the white continental shape of Antarctica. Africa's flag is represented by the African Union flag, a green flag with a white stripe in the middle and a yellow image of Africa in the middle of the white stripe. South America recently adopted a white flag for Unisal, the South American Union. Only Asia and North America lack continental flags.

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