There is actually a team figure skating competition every year now. The World Team Trophy (country based) on odd numbered years, and the Team Challenge Cup (continent based) on even numbered years.
Well, that is assuming that the TCC continues past it's first edition. I really like the idea of a continent based team competition, but I really hated the format that was used.
If I had my way, all the team competitions would use a format largely based on what is used at the WTT.
CaroLiza_fan
WTT would heavily favour countries strong in singles, it is not a good option for a well rounded team event.