As I recall, when the harmonised European RT fail procedures were introduced this issue was not addressed - I don't know whether the common European procedure has been amended since it was first published.
In the UK I seem to remember that the European procedure was amended to address two or three fairly major weaknesses in the Eurocontrol-prepared procedure. Certainly the procedure currently published in the UK AIP starts with:
A flight experiencing communication failure in IMC shall:
(a) Operate secondary radar transponder on Mode A, Code 7600 with Mode C.
(b) (i) Maintain, for a period of 7 minutes, the current speed and last assigned level or minimum safe altitude, if this higher.
....
ENR 1.1.3 para 4.2.4.1