British commissioner Lord Jonathan Hill quit following the June 23 referendum in the United Kingdom which sees that country set to leave the European Union in coming months.
In light of the referendum outcome, it's right for me to stand down https://t.co/zAt9rsNUz0— Jonathan Hill (@JHillEU) June 25, 2016
In a statement Hill said: " I wanted it to end differently and had hoped that Britain would want to play a role in arguing for an outward-looking, flexible, competitive, free trade Europe. But the British people took a different decision, and that is the way that democracy works."
Hill had responsibility for Commissioner for financial stability, financial services and capital markets union, so Dombrovskis was the clear candidate to take over as he already has responsibility for the euro and social dialogue.
Dombrovskis said via Twitter: "Currently the most important thing is to ensure stability on the financial markets."
European Commission President Jean-Claude Juncker said Dombrovskis was the ideal man for the job.
"The work of the European Union must go on. After having spoken with Martin Schulz, President of the European Parliament, I have asked Valdis Dombrovskis, Vice-President responsible for the Euro and Social Dialogue, to take over the portfolio for Financial Stability, Financial Services and the Capital Markets Union," Juncker said.
"In his role as Vice-President, Valdis Dombrovskis is already coordinating many of the key files under this portfolio, working closely with other Commissioners, the European Parliament and the Council on several important legislative proposals in this area, such as the European Deposit Insurance Scheme.
With his experience, expertise and his good network amongst Members of the European Parliament, Finance Ministers and Prime Ministers, Vice-President Dombrovskis is ideally placed to ensure continuity in the Financial Stability, Financial Services and Capital Markets Union portfolio," Juncker added.
Lord Hill's resignation will take effect on 15 July (midnight), while President Juncker's decision to transfer the portfolio will take effect on 16 July.