Newcastle reserve player Taylor captained the team that performed creditably throughout the tournament, but missed out not only on the final but also a place in the World Youth Championship in August with their semi-final defeat.
Goals from Ipswich Town’s Dean Bowditch and Leeds United’s James Milner had given England a 2-1 lead with just injury-time to play, only for a Saliero equaliser to force penalties.
Luke Moore of Aston Villa, Nathan Doyle of Derby County and Grant Leadbitter of Sunderland all showed signs of graduating to the senior team by missing in the shoot-out and England now play Austria on Saturday in the third place play-off.