Central Bank governor Philip Lane has been formally appointed to the executive board of the European Central Bank.
EU leaders approved the recommendation for his appointment during the European Council summit in Brussels today.
Mr Lane will replace Peter Praet, and serve a non-renewable eight-year term.
Finance Minister Paschal Donohoe said he was confident Mr Lane "will excel in his new role and I wish him every success".
Great news that the European Council has appointed Prof Philip Lane to the Executive Board of the @ecb. Philip is an outstanding economist & has made an important contribution as Governor of @centralbank_ie. I am confident he will excel in his new role & I wish him every success
— Paschal Donohoe (@Paschald) March 22, 2019
Mr Lane is set to take up the new role from June.
The ECB executive board is responsible for implementing eurozone monetary policy, as laid down by the ECB governing council.
It's composed of the president, vice president and four other members.
The governing council is made up of the six executive board members, as well as the governors of the national Central Banks of the eurozone member states.
Prior to his Central Bank appointment in 2015, Mr Lane was on the academic staff at Trinity College Dublin.
He has also chaired the Advisory Scientific Committee of the European Systemic Risk Board, and was Director of the International Macroeconomics and Finance Programme at the Centre for Economic Policy Research (CEPR).