Finance Minister Charlie McCreevy has been appointed as the European Union Commissioner for the Internal Market by incoming European Commission president Jose Manuel Durao Barroso.
The portfolio is responsible for the operation of the internal market of the European Union and financial services and is regarded as a significant portfolio.
Mr Barroso named Neelie Kroes of the Netherlands as the EU's next Competition Minister, the first woman ever to hold the high profile job.
Among the large EU member states, Britain's Peter Mandelson won the coveted trade post, Germany's Guenter Verheugen become the bloc's industry chief and France's Jacques Barrot took on transport.
The full team will need to be approved by the European Parliament in October before it can take office on November 1.
Charlie McCreevy said that he would work to expand on the progress made since the Single Market was established in 1993, during which time 2.5 million jobs have been created.
Mr McCreevy said that the removal of barriers to the free movement of people, goods, services and capital within the Union was critical to the EU's future prosperity.
The Minister identified the area of services as one of particular importance and said that the elimination of barriers in this area would contribute significantly to the creation of a genuine single market.
The full EU team named today is as follows:
Institutional relations and communication strategy and representing Barroso in his absence - Margot Wallstroem (Sweden)
Enterprise and industry - Guenter Verheugen (Germany)
Transport - Jacques Barrot (France)
Administrative affairs, audit and anti-fraud - Siim Kallas (Estonia)
Justice, freedom and security - Rocco Buttiglione (Italy)
Information society and media - Viviane Reding (Luxembourg)
Environment - Stavros Dimas (Greece)
Economic and monetary affairs - Joaquin Almunia (Spain)
Regional policy - Danuta Huebner (Poland)
Fisheries and maritime policy - Joe Borg (Malta)
Financial programming and budget - Dalia Grybauskaite (Lithuania)
Science and research - Janez Potocnik (Slovenia)
Education, training, culture and multilinguism - Jan Figel (Slovakia)
Health and consumer protection - Markos Kyprianou (Cyprus)
Enlargement - Olli Rehn (Finland)
Development and humanitarian aid - Louis Michel (Belgium)
Energy - Laszlo Kovacs (Hungary)
Competition - Neelie Kroes (Netherlands)
Agriculture and rural development - Mariann Fischer Boel (Denmark)
External relations and European Neighbourhood Policy - Benita Ferrero-Waldner (Austria)
Internal market and services - Charlie McCreevy (Ireland)
Employment, social affairs and equal opportunities - Vladimir Spidla (Czech Republic)
Trade - Peter Mandelson (Britain)
Taxation and customs union - Ingrida Udre (Latvia)
Commenting on the appointment outgoing Commissioner David Byrne said : "this is a very high profile and challenging post where his experience and record to date will prove very relevant. The choice of Charlie McCreevy for this important and complex task at this key moment in EU history is a recognition of his achievements and ability. It is an honour for Ireland and an opportunity to enhance the reputation of Irish contributions to the creation of a peaceful and prosperous Europe'.
