The meeting in Brussels was chaired by European Enlargement Commissioner Stefan Fuele.
A press conference announced for after the meeting was cancelled. Raguz was the only participant who spoke to the press.
The European Commission will reportedly initiate a suspension of pre-accession funds until an agreement is reached.
Raguz said he was nonetheless optimistic that a solution could be found with the Commission's help.
At a meeting in Brussels on October 1, the leaders of the seven parties agreed the principles for the enforcement of the ruling in the Sejdic-Finci case which would prevent one constituent people from electing the member of the three-man state presidency from another constituent people.
The leaders agreed then that by today they would agree the election models that would satisfy the legitimate interests of the constituent peoples and others, respecting international standards. However, despite intensive attempts, representatives of the Bosniak and Croat political parties could not reach a concrete proposal conforming with those principles.
SDP president and Bosnian Foreign Minister Zlatko Lagumdzija said it was bad that no agreement was reached today but that it was good that the European Commission "is taking on the leader's role."
The Commission has decided to suspend EUR 47 million from the IPA programme, but Lagumdzija said it was better to have "silent sanctions instead of a rotten agreement."
SNSD president and Bosnian Serb entity President Milorad Dodik said it was on the partners in the Croat-Bosniak Federation entity to agree. He said the Serb entity was no longer part of the process because it agreed to constitutional changes provided that it remained one constituency and that the state presidency members were elected directly.