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The European Union could survive without Britain but not without France, outgoing EU President Herman Van Rompuy said.

Van Rompuy gave his views on the blocs future map and the threat of a U.K. exit in a farewell speech late yesterday in Paris. He said the rest of the EU would go only so far to keep Britain in.

Europe would be wounded, even amputated, without the U.K. -- and we have to do everything to prevent that -- but would survive, Van Rompuy said, according to a text released by his office. Without France, Europe -- the European idea -- would be dead.

U.K. Prime Minister David Cameron has pledged to renegotiate Britains EU membership terms and hold a referendum on a possible exit from the bloc in 2017 if he is re-elected next May. Two of Camerons Conservative lawmakers have defected to the U.K. Independence Party, which seeks complete withdrawal from the EU, and have retained their House of Commons seats in special elections.

To be sure, Van Rompuy hailed Britains constructive approach to the EU budget, climate-change policy and unified bank regulation in the euro region, and gave it credit for taking the lead on European policy toward Iran and Syria.

Ive never had a reason to complain about the British, said Van Rompuy, whose term largely overlapped with Camerons.

Van Rompuy challenged the British governments argument that Cameron wielded a veto in 2011 against a deficit-limitation treaty meant to stabilize the euro. Van Rompuy called it an unfortunate veto attempt. The treaty went ahead without the U.K.

While other European leaders will seriously consider Camerons plea for the reduction of EU powers, the blocs fundamental principles are non-negotiable, Van Rompuy said.

Former U.K. Prime Minister John Major said in Berlin two weeks ago Britains chances of leaving the bloc are just under 50 percent.

Van Rompuy will be succeeded Dec. 1 by Donald Tusk, a former prime minister of Poland.

See more here:
Van Rompuy Takes Valedictory Swipe at U.K. While Praising France

The European continent is slipping into deflation. Unemployment is rising relentlessly. A debt crisis is ticking explosive underneath countries such as Italy and Spain. Talented young people are migrating in the search for work. Extremist parties of the right and left are rising in the polls as years of depression take their toll.

It is not exactly hard to list the economic challenges facing the European Union right now.

But not to worry, the European Union (EU) is about to fix everything. How? By breaking up Google GOOG, -0.49% .

The European Parliament is limbering up for a fight with the search giant, attacking its dominance of the internet. It argues that is unfairly stifling the growth of home-grown tech start-ups.

Schwab Center for Financial Research's Kathy Jones joins MoneyBeat and explains why the U.S. dollar will likely continue to rise in 2015 and how investors should respond. Photo: Getty.

Nonsense. There is no serious evidence to suggest that the power of Google is holding back the European economy and certainly not compared to the deadening weight of red tape and taxes that government imposes.

The EU should stop worrying about a few American web giants and start working to fix its own problems.

The European attack on Google has been gathering strength for some time. The EU has already been investigating the companys market position for years, probing whether it has become too powerful, whether it discriminates against rivals, and if so what can be done.

Now the European Parliament looks poised to take that a step further, with votes scheduled on whether a search engine should be allowed to engage in other commercial activities. If that was passed, then Google would in effect have to be broken up. If it was broken up in Europe, then not only would that damage the company in itself the EU, after all, despite its troubles, remains the biggest economic bloc in the world but it would also set a troubling precedent in the rest of the world. Google, at least as we know it, might well be finished.

The European attack has affected Googles shares, which closed Tuesday at around $540 a share, versus about $600 a share in August.

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