The European Commission expressed its disappointment on November 30 that it seems impossible to reach agreement at the European Union (EU) finance ministers' meeting on November 29.

The commission said in a statement that it wishes to affirm its total commitment to reach agreement on the tax package and its full role in finding solutions to the outstanding issues.

"It is crucial important that the tax package" is approved in order to move towards an employment-friendly tax system, tackle tax evasion and remove distortions within the internal market of the European Union, said the commission.

The package for a EU-wide withholding tax of 20 percent on earnings from savings was blocked by British Finance Chancellor Gordon Brown at the meeting of EU finance ministers in Brussels on Monday.

The Brussels meeting was the last chance to tackle the issue before EU's Helsinki summit next week, the deadline set by EU leaders to settle the long-standing issue.

The withholding tax is mainly designed to stop tax avoidance. Tax authorities in Germany, France and Italy are particularly suffering, as thousands of savers have moved their money to accounts in London and Luxembourg, where they do not have to pay tax on interest earned.